How to Find Foreclosed Homes in your Area

If you are looking to purchase property for the first time, or aiming to invest in real estate at below-market prices, buying a foreclosed home might be the best option for you. Foreclosed homes in Canada are sold in two ways: through courthouse auction sales, and through realtors or MLS listings. If you are on the lookout for a foreclosed home in your area, there are a number of methods you can adopt to make sure you find the best deal before other investors swoop in to claim the property.

• To begin, you might want to start looking for foreclosed homes at the tax assessor’s or county recorder’s office. In some areas, listings are provided free of charge, or even made available online for free, so check to see what your area offers.
• Keep checking with the courthouse assistant/clerk in your area, to keep tabs on available sales and upcoming auction dates. Keep in mind, however, that if you buy through auction, you are not allowed to have a home inspection carried out – you buy it as it is.
• Find a realtor who is experienced when it comes to dealing with foreclosed properties – contact reputable real estate agencies to find the right realtor. You can also look for an agent who is experienced at dealing with property in your area – this will be a double bonus and you are sure to find just the sort of property you need soon enough.
• You can also contact your bank’s realty officer – banks are the party that is generally trying to sell off a foreclosed home, and it is easier to buy from a bank than at a courthouse auction, as this way you will not need to deal with issues like evicting occupants, etc.
• Keep tabs on listings online – both government listings and free online commercial listings. If a website provides you the option to subscribe to updates, sign up for this, and make sure you specify the area you are interested in.
• Browse through the newspaper regularly. Officials are often required to put notices of foreclosures in local newspapers. They are also required to announce the dates of upcoming auctions.
• Driving through the area and looking at all the unoccupied properties can also be a good way to locate foreclosed homes in your area. Foreclosed homes will generally have a sign out front that states that the property is “bank owned” or foreclosed. This way, you can also see the actual home and judge whether you like it enough to make an offer or not.