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Look in the legal notices pages of your local paper to spot legitimate auctioneers advertising courthouse steps auctions in your area. They will know how to target the bank-owned properties that are posted on the Multiple Listing Service.
Sometimes, after a bank has already bought properties back on the courthouse steps, it will hold another auction to try to move several properties at once.
RealtyTrac.com is a foreclosure education and listing service. It’s just another way of marketing a property. Roughly a quarter of the homes on the market right now are bank-owned. (Do it this way to avoid fake auctioneers and auctions.) Then check those auctioneers’ websites for listings.
The real estate website Zillow.com lists properties for sale and lets you filter your home search to look just for foreclosure properties.
Hire a buyer’s agent who specializes — or at least has experience — in foreclosed homes. One way to find these lists is to search the name of the bank and the term “REO,” which stands for “Real Estate Owned” and means bank-owned.
Here are some legitimate options:
Hudson and Marshall
Click here to return to the “Good Morning America” website.
Click HERE for a list of the 10 states with the deepest discounts on foreclosed homes.
If you’re interested in trying to save money by buying a foreclosed home, half the battle is finding the listings. But quick online searches reveal lots of questionable companies posting old listings or charging big bucks for them.
REDC (Real Estate Disposition Corporation)
Williams and Williams . Oh, they’re out there. Three of the biggest auction companies that do these bank-owned property auctions are:
Click HERE for more advice on buying foreclosed homes.
Some banks list their inventory of properties on their websites