If you're shopping for real estate, you might be interested in foreclosed homes. These homes are often sold at auction, so finding free foreclosure listings will help you find deals.
If you're shopping for real estate, you might be interested in foreclosed homes. Lenders have repossessed these homes because homeowners have defaulted on their mortgages. These homes are often sold at auction, so finding free foreclosure listings will help you get a jump on those who might also take an interest in the property.
Finding free foreclosure listings is as easy as picking up a newspaper or taking a trip to your county courthouse. Foreclosures are legal proceedings that are part of the public record; therefore, anyone can access the information. When you're conducting your search for real estate foreclosures, you'll find two types of public notices: Notice of default (NOD) and Notice of Sale (NOS).
Click here to get free foreclosure listings now.
NOD filings mean the lenders have sent a notice to the homeowners that they're several months behind on their mortgages. The notice outlines the period of time they have to bring the mortgages current. For a NOD to be sent, a homeowner will usually be three to six months behind on the mortgage. This list will give you an idea of what homes might end up at auction later or which homeowners might be interested in other solutions.
NOS tells the homeowner when the house is scheduled to be auctioned. A NOS is published at the county courthouse and in local newspapers, usually under the "Legal Notices" section. If you want a listing of homes, this is a good place to find addresses and put together your free foreclosure listings. You can then go back to public records and perform a reverse look up for the homeowner.
If no bids are placed when a property is auctioned during the foreclosure sale, the home will become a real estate-owned (REO) property. If you're looking through the real estate ads and see a home listed as an REO or bank owned, it belongs to a mortgage lender or government entity.
Before you place a bid on a home at an auction, you should consider a few things. First, the home might not have a clear title. Though any secondary mortgage will have been paid off, liens for property taxes or homeowner association fees might remain unpaid and would become your responsibility if you purchased the home. Also, homes bought at auction are sold as is, which means if repairs are needed, you'll have to make them without any compensation from the lender. Finally, to buy a home at auction, you need cash for the purchase or a down payment the day of the sale.
You can also find free foreclosure listings at Reply! Reply! provides real estate listings by zip code and can connect you real estate agents who specialize in foreclosed homes.