Hopefully, your home is not on any bank foreclosure list. There really is not a comprehensive bank foreclosure listing although there may be someday soon. Foreclosures are becoming a serious problem all around the country.
Between 2007 and 2008, the number of foreclosures in the United States has more than doubled. This is bad for homeowners on the bank foreclosure list but good for real estate investors who want to buy property. You can get great deals on foreclosed properties if you have the funds and the credit to buy them and there are low interest rates to be found, which means lower payments.
The increase in the number of bank foreclosures is due to the large number of people having trouble making their monthly mortgage payments. This is tragic for the homeowners who lose their homes to a foreclosure process but can be considered a great investment opportunity by someone looking to buy property right now.
Investors can get a home for cheap and fix it up to sell for a big profit in this market. The trouble is locating the foreclosed properties or finding bank foreclosure listings.
How to compile a bank foreclosure list
You are probably wondering what bank-owned foreclosure listings are and what they mean to you. You have to make your own bank foreclosure list, which will be the properties in foreclosure that you are considering of purchasing.
The following information will help you locate foreclosed properties to add to your bank foreclosure listing:
- Find a real estate agent that is well versed in the area of bank foreclosure homes. Real estate agents have access to the Multiple Listing Service or MLS, which is where the foreclosed properties are listed that you will want to add to your bank foreclosure listing. You need to find a good agent with experience in the foreclosed home market.
- Look online for properties to add to your bank foreclosure list. There are many different websites where homeowners and real estate agents put information up about foreclosed homes on the market.
- Keep an eye out for foreclosed properties in your neighborhood. Also, try looking in your local paper because foreclosure notices are often printed in there.
You should be able to easily locate foreclosed properties near you to add to your bank foreclosure list. You can also find similar properties for sale by your local sheriff’s department that can be a great bargain.