Consulting a list of distressed properties is an activity that all home buyers undertake
. This is where the real work begins after they have decided on what they want and after they have prepared their finances. It is a good thing that there is a wide variety of foreclosure listings to look over. It increases the chances of finding the best suited property for any type of buyer.
Who Holds These Lists?
Everyone involved in the sale of foreclosures do have their own list of distressed properties. Finding these lists is the easiest part in the process of searching for foreclosed homes. Mortgage lenders including banks come up with a list of their foreclosed homes which are being offered for sale. They turn this list over to their accredited brokers of agents who in turn market it to buyers.
The government housing authority HUD also has their own list of foreclosed properties being offered to the market through various channels. The agency oversees the foreclosed homes of Fannie Mae and Freddie Mac, two quasi-government companies that operate in the secondary mortgage market. These companies buy up closed mortgages to enable lenders to keep providing home financing for buyers.
Other government agencies selling foreclosures include the Veteran Affairs Office, the Internal Revenue Service, the Federal Bureau of Investigation and others more.
Local newspapers especially the weekend editions have an entire section dedicated to foreclosures available in the area where the periodical is circulated. Their list may or may not have pictures of the property but they will all have the contact information of the property manager or the person to talk to about buying the home.
The county courthouse holds all the records relating to foreclosures filed in the area. This list of distressed properties is open to the public. Properties listed here will have information on the outstanding mortgage owed, the details of the property and the parties to the foreclosure.