Banks and mortgage companies that own homes after completing the foreclosure process maintain master listings of these properties, according to Mortgage News Daily, a trade publication. REO homes -- or Real Estate Owned by the bank -- are foreclosed homes that have yet to sell and remain on the market. Investors interested in buying a foreclosed home from a bank should rely on three kinds of resources to find bank foreclosure listings.
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Search foreclosure listings published by banks. Check the corporate website of national banks, searching for "REO database" if you cannot locate the listings in the mortgage section of the site. You can also use resources developed by trade publications like Mortgage News Daily, which maintains a list of all foreclosures managed by national banks, private mortgage companies and government organisations like Fannie Mae. Direct links to the foreclosure listings allow you to find foreclosures in your area with just a few mouse clicks.
Call local banks and ask to see their foreclosure listings. Locally owned banks and local branches of national banks maintain a listing of the properties in the area that they now own because of foreclosure activity. Call your local bank and ask to speak with someone in the loans or mortgages department. Explain that you are interested in buying a bank owned property and would like to review the bank's listings. Bank staff will direct you to an appropriate website, ask for a fax number or e-mail address to use to send the listings or suggest you make an appointment at the bank to review the listings.
Contact your local sheriff's office. Your county sheriff's office executes foreclosure orders, helps residents vacate foreclosed homes and manages foreclosure sales and auctions. Most sheriff's offices post foreclosure listings online, in the sheriff's office and occasionally in the local newspaper. Check the website of your county sheriff's office or call the office to ask about their bank foreclosure listings.
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