Foreclosed properties are those houses that did not sell at the trustees sale or foreclosure auction. They are referred to as foreclosed homes, bank owned homes, lender owned homes, real estate owned, and REO. Foreclosed Houses that are backed by government FHA loans are called HUD homes. There are three major types of foreclosed homes:
Homes that didn't sell at the foreclosure auction almost always appear on the MLS. These houses are purchased by the bank at they did not sale at the foreclosure auction, and will be sold "as is, without warranty" to a potential buyer. Banks usually want to get rid of these properties quickly, so they price them slightly below market value to encourage a quick sale. Bank Owned and REO houses are usually a discount, but considering the work that usually needs to be done on them they are rarely a screamin deal. Bank owned homes are aggressively marketed and there is lots of competition. REO's are the easiest foreclosed properties to purchase.
A property that is bank owned is known as REO (Real Estate Owned). One of the more common REO foreclosed properties are HUD Homes. Listings of foreclosed homes on the "pay" sites are not very accurate. Foreclosed homes are always on the mls. Some Realtors specialize on REO's. It is a good idea to find a "REO Realtor"
A Bank Owned Property can usually be purchase for less than market value, as the banks want to get rid of them in ninety days. REO property are almost always listed by real estate agents. Each town has bank owned homes real estate broker specialists.
HUD Homes
Some of the most common lender owned properties are HUD Homes. HUD Homes are Bank owned homes that were secured by FHA Government back loans. Not all Foreclosed properties are HUD homes. New HUD homes are listed, and become availbe to the public once each week, usually on Fridays. HUD homes can usually be purchased below market value, but initially they can usually only be purchased by home buyers intending to use the property as their personal residence. HUD offers are made as a silent bid done online. If a HUD home is on the market for several weeks, the bidding is then opened up to all Real Estate Investors and home buyers.
Special HUD programs for Teachers, Officers, and Government Workers
There are special programs fore teachers, police officers, government workers, hurricane and disaster victims, who want to purchase HUD Homes. Basically, these Hud Homes can be purchased for half price for individuals who meet the housing and urban development requirements. Houses that qualify for these program are rare, and are hard to get as the bids are selected by a random lottery. These auctions must be made with the assistance of a licensed real estate agent regestered as a HUD Broker. There are usually multiple bidders fore each of these high demand homes.
Tax Lien Auctions - Government Tax Lien Sales
In a Government Tax Lien Sale, The government actually initiates the foreclosure. Regardless of how much is owed on a property, the government is always in first position and get all they are owed from the sale of the foreclosed house.
Tax Foreclosure homes are rare, but to find Tax Foreclosure Properties for sale, subscribe to the search service provided by realty trac. Look For Tax Sale Auctions in:
Mortgage Assistance - Get mortgage assistance and stop your foreclosure.
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You can find foreclosed homes, bank, reo, and HUD right now on the MLS for these areas:
Arizona REO Auctions
Phoenix Area
Pinal County
Apache Junction, Arizona City, Casa Grande, Coolidge, Eloy, Florence, Gold Canyon, Maricopa, Queen Creek, Maricopa County, AZ, Ahwatukee, Anthem, Apache Junction, Arlington, Avondale, Buckey, Carefree, Cave Creek, Chandler, Desert Hills, El Mirage, Fountain Hills, Gila Bend, Gilbert, Glendale, Gold Canyon, Goodyear, Higley, Laveen, Litchfield Park, Mesa, New River, Paradise Valley, Peoria, Phoenix, Queen Creek, Rio Verde, Scottsdale, Sun City, Sun Lakes, Surprise, Tempe, Tolleson, Tonopah, Waddell, Wickenburg, Wittman, and Youngtown Arizona.
Tucson Area
Pima County, AZ
Corona de Tucson, Marana, Oro Valley, Sahuarita, Central Tucson, East Tucson, North East Tucson, North West Tucson, Southern Tucson, South West Tucson, Western Tucson, Northern Tucson, Vail
Pinal County AZ
Marana, Northeast Tucson
Colorado HUD Auctions
Adams County, CO
Aurora
Brighton
Broomfield
Commerce City
Denver
Dupont
Eastlake
Federal Heights
Henderson
Northglenn
Thornton
Westminster
Arapahoe County CO
North Aurora
South Aurora
Centennial
Cherry Hills Village
Englewood
Foxfield
Greenwood Village
Littleton
Sheridan
Broomfield County, CO
Broomfield
Denver County, CO
Downtown Denver
Northeast Denver
Northwest Denver
Southeast Denver
Southwest Denver
Fort Logan Colorado
Douglas County, CO
Castle Rock
Highlands Ranch
Littleton
Lone Tree
Parker
Gilpin County Colorado
Black Hawk
Central City
Rollinsville
Jefferson County, CO
Arvada
Black Hawk
Bow Mar
Broomfield
Columbine
Edgewater
Evergreen
Golden
Indian Hills
Lakewood
Littleton
Morrison
Rollinsville
Westminster
Wheat Ridge
Delaware - DE
Camden County, Delaware
Bank Owned Homes can be found on the MLS for: Atco, Audubon, Barringon, Bellmawr, Berlin, Blackwood, Blackwood, Brooklawn, Camden, Cedar Brook, Cherry Hill, Chesilhurst, Clementon, Collingswood, Gibbsboro, Glendora, Gloucester City, Glocester Township, Haddon Heights, Haddon Township, Haddonfield, Hammonton, Laurel Springs, Lawnside, Lindenwold, Magnolia, Merchantville, Mount Ephraim, Oaklyn, Pennsauken, Pine Hill, Runnermede, Sicklerville, Somerdale, Stratford, Voorhees, Waterford Works, West Berlin, Westmont, Winslow, and Woodlynne DE.
Chester County, DE
Avondale, Berwyn, Birchrunville, Borough of West Chester, Chadds Ford, Chester Springs, Coatesville, Devon, Downingtown, East Fallowfield, Exton, Kennett Square, Landenberg, Lincoln University, Malvern, Newtown Square, Paoli, Parkesburg, Phoenixville, Pottstown, Spring City, Unionville, Wayne, West Chester, and West Grove Delaware.
New Castle County - Wilmington Delaware
Bear, Claymont, Greenville, Hockessin, Middletown, New Castle, Newark, Newport, Odessa, and Wilmington Delaware.
Georgia Foreclosed Properties
Barrow County - Auburn, Bethlehem, Braselton, Startham, Winder
Bartow County - Adairsville, Cartersville, Emerson, Euharlee, Kingston, Taylorsville
Carroll County Georgia - Bowdon, Bremen, Carrolton, Roopville, Temple, Villa Rica, Waco, Whitesburg
Cherokee County, GA - Acworth, Alpharetta, Ballground, Canton, Cumming, Holly Springs, Roswell, Waleska, White, and Woodstock Georgia.
Clayton County, GA - College Park, Conely, Ellenwood, Fayetteville, Forest Park, Hampton, Jonesboro, Lake City Morrow, Rex, Riverdale, and Stockbridge.
Cobb County, Georgia - Acworth, Atlanta, Austell, Kennesaw, Mableton, Mariettta, Powder Springs, Roswell, Smyrna, and Woodstock GA.
Coweta County - Grantville, Moreland, Newnan, Palmetto, Senoia, Sharpsburg.
Douglas County- Atlanta, Austell, Douglasville, Lithia Springs, Villa Rica, and Winston.
Fayette Georgia - Brooks, Fairburn, Fayetteville, Peachtree, Peachtree City, Riverdale, Senoia, and Tyrone.
Floyd County - Kingston Georgia.
Forsyth County - Alpharetta, Cumming, Duluth, Gainesville, Suwanee.
Fulton County - Alpharetta, Atlanta, College Park, Duluth, Dunwoody, East Point, Fairburn, Hapeville, Johns Creek, Milton, Palmetto, Riverdale, Roswell, Sandy Springs, and Union City.
Gilmer - Ellijay and East Ellijay.
Gordon County GA - City of Ranger
Gwinnett County Georgia - Atlanta, Berkeley Lake, Buford, Dacula, Doraville, Duluth, Grayson, Hoschton, Lawrenceville, Lilburn, Loganville, Norcross, Snellville, Stone Mountain, and Sugar Hill GA.
Hall County - Braselton, Buford, Flowery Branch, Gainesville, Hoschton, Oakwood
Haralson County - Brernen, Buchanan, Tallapoosa, Waco
Henry County - Ellenwood, Hampton, Jonesboro, McDonough, Rex, Stockbridge
Jackson County - Braselton, Hoschton, Jasper County, Newborn
Newton County - Conyers, Covington, Mansfield, Newborn, Oxford, Porterdale, Social Circle
Oconee County - Statham Georgia
Paulding County - Acworth, Dallas, Douglasville, Hiram, Powder Springs, Temple, and Villa Rica.
Pickens County Georgia - Big Canoe, Jasper, and Ranger
Pike County - Williamson and Zebulon
Rockdale County, Conyers Georgia - Conyers, Covington, Stockbridge
Spalding Cty - Brooks, Williamson
Troup County/ Westpoint Georgia, White County Sautee
Walton County GA - Bold Springs, Loganville, Oxford, Social Circle, Walnut Grove
Massachusetts Forclosed Properties:
Barnstable County:
Barnstable, Bourne, Bournedale, Brewster, Buzzard's Bay, Centerville, Chatham, Cotuit, Cummaquid, Dennis, Dennisport, East Dennis, East Falmouth, East Sandwich, Eastham, Falmouth, Forestdale, Harwich, Harwichport, Hyannis, Marstons Mills, Mashpee, Monument Beach, New Seabury, North Falmouth, Orleans, Osterville, Pocasset, Provincetown, Sagamore, Sagamore Beach, Sandwich, South Dennis, South Yarmouth, Truro, Wellfleet, West Barnstable, West Dennis, West Falmouth, West Yarmouth, and Yarmouth.
Bristol County, MA:
Acushnet, Attleboro, Berkley, Dartmouth, Dighton, Easton, Fairhaven, Fall River, Freetown, Mansfield, New Bedford, North Attleboro, Norton, Raynham, Rehoboth, Seekonk, Somerset, Swansea, Taunton, and Westport Massachusets.
Allston, Back Bay, Beacon Hill, Boston, Brighton, Charlestown, Chelsea, Chestnut Hill, Chinatown, Dorchester, East Boston, Hyde Park, Jamaica Plain, Mattapan, Mission Hill, North End, Revere, Roslindale, Roxbury, South Boston, South End, The Fenway, Waterfront, West Roxbury, and Winthrom MA.
Bordentown, Burlington, Cinnaminson, Delanco, Delran, Eastampton, Edgewater Park, Evesham, Florence, Hainesport, Lumberton, Maple Shade, Marlton, Medford, Medford Lakes, Moorestown, Mount Holly, Mount Laurel, Palmyra, Riverside, Riverton, Roebling, Westampton, and Willingboro NJ.
Gloucester County New Jersey
Blackwood, Clarksboro, Deptford, Franklinville, Gibbstown, Malaga, Mantua, Mickleton, Mount Royal, Mullica Hill, National Park, Newfield, Paulsboro, Sewell, Swedesboro, Thorofare, Turnersville, Wennoah, West Deptford Township, Westville, Williamstown, Woodbury, Woodbury Heights, and Woolwich Township NJ.
Aldan, Ardmore, Aston, Boothwyn, Brookhaven, Broomall, Bryn Mawr, Chadds Ford, Chester, Clifton Heihgts, Collingdale, Colwyn, Crum-Lynne, Darby, Drexel Hill, East Lansdowne, Eddystone, Edgemont, Essington, Folcroft, Folsom, Glen Mills, Glenolden, Haverford, havertown, Holmes, Landsdowne, Linwood, Marcus Hook, Media, Morton, Newtown Square, Norwood, Parkside, Prospect Park, Radnor, Ridley Park, Rose Valley, Secane, Sharon Hill, Springfield, Swarthmore, Trainer, upper Darby, Wallingford, Woodlyn, and Yeadon Pennsylvania.
Montgomery County, PA
Abington, Ambler, Ardmore, Audubon, Bala Cynwyd, Blue Bell, Bridgeport, Bryn Mawr, Cheltenham, Collegeville, Conshohocken, Dresher, Eagleville, East Norriton, Elkins Park, Fairview Village, flourtown, Fort Washington, Franconia, Gladwyne, Glenside, Gwynedd Valley, Harleysville, Hatboro, hatfield, Haverford, Horsham, huntington Valley, Jeffersonville, Jenkintown, King of Prussia, Lafayette Hill, Lansdale, Limerick, Linfield, Lower Gwynedd, Maple Glen, Meadowbrook, Merion Station, Mont Clare, Narberth, Norristown, North Wales, Oreland, Penn Valley, Phoenixville, Plymouth Meeting, Pottstown, Rockledge, Royersford, Rydal, Schwenksville, Skippack, Souderton, Telford, Villanova, Willow Grove, Worcester, Wyncote, Wyndmoor, Wynnewood and Zierlerville Pennsylvania.
Philadelphia County, Pennsylvania
Art Museum Area, Center City, Far Northeast, Germantown, Chestnut Hill, Kensington Area, Lower North, near Northeast, Northern Liberties, Old City, Society Hill, Olney-Oak Lane, Roxborough and Manayunk, South, Southwest, Upper North, West, West-Overbrook.
Eden,
Farr West,
Harrisville,
Hooper,
Huntsville,
Liberty,
North Ogden,
Ogden,
Plain City,
Pleasant View,
Riverdale,
Roy,
Slaterville,
South Ogden, Washington Terrace, and
West Haven Utah
Bountiful,
Centerville,
Clearfield UT,
Clinton UT,
Farmington Utah,
Fruit Heights,
Kaysville,
Layton,
North Salt Lake,
South Weber,
Sunset,
Syracuse,
West Bountiful,
West Point,
and Woods Cross Utah
Bluffdale, Cottonwood Heights,
Draper,
Foothill,
Granger,
Herriman,
Holladay,
Hunter,
Kearns,
Magna Utah,
Midvale,
Millcreek,
Murray,
Riverton,
Rose Park,
SLC UT,
Sandy Utah,
South Jordan,
South Salt Lake,
Sugar House, Taylorsville,
West Jordan, and
West Valley City Utah.
Alpine,
American Fork,
Cedar Hills,
Eagle Mountain,
Elk Ridge,
Genola,
Highland,
Lehi Utah,
Lindon,
Mapleton UT,
Orem Utah,
Payson,
Pleasant Grove,
Provo,
Salem,
Santaquin,
Saratoga Springs,
Spanish Fork,
Springville and
Woodland Hills Utah.
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©2008 Alan Sharp Barker, Realtor, Barker Real Estate, forecloser finder. 