How to Find Bank Owned Properties for Free in Your Area

Finding bank owned properties can be a great way to snag a deal on a home, but it can also be a daunting task, especially if you're not sure where to start. You can find bank owned properties for free in your area by searching online listings.

Government websites like RealtyTrac and HomePath provide free access to listings of bank owned properties. These websites aggregate data from various sources, making it easy to search for properties in your area.

To get started, you'll need to identify the types of properties you're interested in, such as single-family homes or condos. You can also filter your search by location, price range, and other criteria.

You can find bank owned properties on government websites such as RealtyTrac and Hubzu, which list foreclosed properties for sale.

One of the most popular government websites to find bank owned properties is RealtyTrac, which offers a free database of foreclosed homes.

The RealtyTrac website allows you to search by state, county, or city, making it easy to find bank owned properties in your area.

In addition to RealtyTrac, you can also search for bank owned properties on Hubzu, a website that specializes in foreclosed homes.

Hubzu offers a wide range of properties, including single-family homes, condos, and commercial buildings.

Another option is to search for bank owned properties on government auctions websites such as Auction.com and Xome.

Auction.com offers a wide range of properties, including foreclosed homes, commercial buildings, and land.

You can also search for bank owned properties on local government websites, such as county assessor websites.

These websites often list foreclosed properties that are up for auction or sale.

You can find one- to four-unit residential properties on HUD.gov, which are acquired from foreclosure actions on FHA-insured mortgages.

The HUD website (hudhomestore.gov) is another valuable resource for searching foreclosed homes for sale for free.

Michigan MLS is a valuable resource for finding REO listings.

You can access the system yourself if you're licensed to practice real estate, or team up with an agent or broker to get this information.

The state of Michigan has several regional platforms, each with its own interface, but they all have search capabilities that allow you to hone in on foreclosures and pre-foreclosure listings.

You'll usually see a pull-down list with those options among the property type choices, which is what you'll use to find foreclosures on MLS.

Banks will always list their homes for sale with a real estate professional, so the MLS is where you'll find the foreclosures for sale.

You can also expect to be able to perform additional customization through search filters, which lets you specifically look for listings that fit your purchase parameters.

Public records are a treasure trove of information, and you can access them for free. Your county has a record office where all legal notices are filed, including foreclosure processes.

Foreclosure records are available to the public, and you can search for a Notice for Sale record, lis pendens, or Notice of Default. This can be a great way to find fresh postings that no one else has reached.

One of the benefits of searching foreclosures in public records is that you may get a good deal on a home, even if it's been foreclosed. But be aware that you'll be buying the house "as is", which means you may end up with a dilapidated home.

One great place to find foreclosed homes is on government sites, specifically HUD.gov. You can find one- to four-unit residential properties that the Department of Housing and Urban Development acquired from foreclosure actions on FHA-insured mortgages.

The HUD website is a treasure trove of foreclosure listings, with no shortage of government-guaranteed mortgages that are in default. You can search for HUD foreclosures in a particular geographic area by typing in terms like city, state, or zip in the search box on the homepage.

You can also search for foreclosed homes on the websites of many banks, especially the big ones. Established banks normally have a list of foreclosed homes on their websites, which you can search by city, state, and price.

The best part about searching on government sites is that it's free and reliable. Any foreclosed home you get from the website of a big bank is genuine, and you'll also get the contact information of the agents, the descriptions of the homes, and their photos.

Bank-owned properties, also known as REO properties, are foreclosed homes that were repossessed by lenders. These properties can be found on bank websites, where you can search by city, state, and price.

Banks maintain their reputations by keeping their listings up-to-date and reliable. This means you can trust the information you find on their websites. Established banks like Fannie Mae and Freddie Mac have REO properties, and you can check their websites for listings.

Here's a step-by-step guide on how a home becomes an REO property:

1. A borrower fails to make mortgage payments for a certain period.

2. The lender issues a notice of default, then later, a notice of sale.

3. If the borrower still hasn't made payment, the home is offered for sale at a public auction.

4. If the house doesn't sell at auction, the bank takes possession of the property and sells it to traditional home buyers or real estate investors.

You can also find REO properties on the websites of asset management companies, which are sometimes hired by lenders to manage their foreclosed homes.