Realtor’s Secrets and Tip to Buying a Foreclosed HomeThe real estate meltdown has an abundance of foreclosed homes or REO’s (real estate owned) on the market. As a realtor, I have personally sold about 300 foreclosed homes in my career. This may be the time when banks are ready to give the best deals before the market changes and property values go back up.

Find a Property:

There are many ways to locate foreclosed properties.  Some of the more common ones;

Contact a Realtor. Look for an agent that specializes in foreclosed homes and let the agent search the local MLS (multiple listings service) to locate them.

Go directly to free lender sites that have listings of homes for sale. Some of these are:

 Freddie Mac REO:  Fannie Mae REO:  HUD REO:  IndyMac Bank REO:

These and other sites allow you to search properties in your area and either contact the listing agent or the bank directly about any property currently on the market. There are also many subscription sites  that will allow property searches; however, you will have to pay a monthly fee to become a buyer member.  I feel that it is usually not necessary to join those sites to locate a property unless you are looking over the whole country.

There are some foreclosed home sites like 

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