Information on foreclosure homes are in the real estate classifieds section of your newspaper
. It is also online in foreclosures listing services. Banks will have their list of foreclosures as well and so will your friendly neighborhood realtor. If you need to move in to your home immediately after purchased you should consider phrases like "immediate possession" or "must sell" as these words usually indicate that the property has no more occupants.
When a property enters foreclosure there usually is a time period to wait out before you can make an offer to purchase. At this point the property is in pre foreclosure and you can go directly to the owner to make your offer. This is called a short sale or a home that is for sale by owner (FSBO). Some owners prefer to do their own house selling to avoid the stigma of being foreclosed on. It would be better to catch these home owners early on so that you can inspect the property thoroughly for needed repairs and obtain a better idea of the total amount of money you need to put up. Sometimes banks allow this type of sale as a transfer of ownership would be more convenient for them because they would not have to be involved in the actual selling of the property.
There are rare times when the owner will offer financing opportunities. In the ads the phrase to look out for is "owner will carry". This happens when the property has been abandoned and the bank will be hesitant to finance the distressed property. This situation leaves two options for the owner, which is either sell it for cash or carry the loan.
You must undertake a title search once you have found the house you like. The county court has all the filings relating to foreclosure homes. These are all public records and they will provide information on any back taxes or liens that are still in effect in your property. The county court will likewise have pertinent information on the property owners, the legal description of the property as well as its appraised value.