When a borrower fails to make payments on their mortgage debt, the property enters a legal procedure known as foreclosure. With the many various phases of foreclosure, this may get confusing, but the basic line is that you can generally get a good bargain on a foreclosed home and may even be able to secure a mortgage on the house.
A foreclosure website is one that specialized in offering listings of foreclosed houses. It might be the only emphasis of the site, or it could be a subset of a much broader real estate listings site. Foreclosure websites generally feature lists of homes in various stages of foreclosure, as well as extensive descriptions and photographs. Some websites charge for their services, while others provide information for free. Foreclosure houses can range in condition from move-in ready to fixer-uppers. Continue reading to learn more about what foreclosure sites have to offer and which one could be best for you.
Best Overall: Foreclosure.com
Why We Picked It: Foreclosure.com boasts the greatest variety of foreclosed properties in the United States, a free seven-day trial, and is simple to use.
What We Like
What We Don’t Like
Foreclosure.com is a private firm based in Boca Raton, Florida that was formed in 1998. On its website and app, the firm claims to offer the biggest online database of foreclosed homes. The listings are updated daily and are sourced directly from tax rolls and legal files. Foreclosure.com provides a seven-day free trial period. After that, the monthly fee is $39.80, and you can cancel at any moment.
The website includes postings in various phases of foreclosure, such as pre-foreclosures and government-owned homes, as well as corporate sellers. Most listings contain an image of the property's exterior as well as tax roll information such as the address, size and kind of property, and school district. Occasionally, the prior sales price and property tax details are also displayed. Each listing will also contain a realtor's contact information so you can schedule a showing.
Best for Fannie Mae Listings: HomePath
Why We Picked It: HomePath is a free site that searches just for Fannie Mae properties and provides useful resources on finance and other real estate-related issues.
What We Like
What We Don’t Like
Fannie Mae's official foreclosure website is HomePath. It includes various sorts of properties, although the majority of the listings are single-family houses, townhomes, and condominiums. Borrowers with Fannie Mae loans held all of the properties. When the owners fall behind on their mortgage payments, this government-sponsored company assumes the debt, becomes the legal owner, and sells the properties on its HomePath website.
The site provides free complete information on the listings to potential home buyers and real estate agents, including the address, square footage, number of bedrooms, area information, and more. Properties are offered in a variety of situations, including those that are move-in ready, those that require cosmetic repairs, and those that require a whole rehab.
The site allows you to search by address, city, state, and MLS number. The website provides flexible lending options such as low-down-payment home loans. Some properties provide first views to owner-occupants, allowing them to inspect and make an offer on the property before investors.
Best for Properties With One to Four Units: HUD
Why We Picked It: HUD provides a wide range of repossessed houses from various government organizations, with a concentration on residential properties with up to four units.
The Department of Housing and Urban Development (HUD) operates a foreclosure site that features homes for sale from a variety of government agencies, including HUD, the Internal Revenue Service, U.S. Customs and Border Protection, the Department of Veterans Affairs, the U.S. Marshals Service, and others. The site is completely free to use, and you can search for homes using the map or search parameters such as ZIP code, state, number of bedrooms and bathrooms, and more. Additionally, organizations and families with low to moderate incomes can take advantage of special purchasing programs.
Although there is a section on multifamily housing, the site primarily concentrates on buildings that fulfill HUD's requirements for being a residential property with one to four units. Aside from searching for foreclosed houses, there are some useful information on locating HUD-approved lenders, fair housing policies, and first-time homebuyer recommendations. In addition to amenities, maps, pictures, and listing agent information, property information is accessible.
Best for Detailed Reports: RealtyTrac
Why We Picked It: RealtyTrac has a vast database of foreclosed houses in addition to real estate for sale, as well as thorough property reports and other services.
What We Like
What We Don’t Like
RealtyTrac was established in 1996 and is headquartered in Irvine, California. It provides extensive data on foreclosed homes, neighborhood information, local schools, and real estate market data. It operates in the real estate services field, caters to bargain shoppers and investors, and provides extensive data on foreclosed homes, neighborhood information, local schools, and real estate market data. The site has listings for residential and commercial properties, and you can simply search by neighborhood, ZIP code, or address, as well as cities, bank-owned properties, and foreclosed houses.
The site provides a free seven-day trial period, but signing up requires a credit card and does not enable access to complete listings until you do so. Once you become a member, the property data is extensive and covers all you might want to know about the house; occasionally, specifics about past sales information, property taxes, photographs, auction dates, and the amount of equity in the property are also provided. When you look for a foreclosure, the site will also show you other houses for sale in the same region, allowing you to compare prices.
The Final Word
Some foreclosure websites are completely free to use, while others provide free trials before charging a monthly subscription cost. Some exclusively display one type of property, such as Fannie Mae houses or properties with four or less units, while others cover a range of property types. Overall, we recommend starting with Foreclosure.com since it has a large database of various sorts of foreclosed properties, has thorough property reports, and is simple to search.
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