Foreclosures are an unfortunate, but necessary component of the real estate market. These are properties that have been returned back to the lender for non-payment. Once these properties are in possession of the lender, they are liquidated for the lender to recoup their capital. Foreclosure properties provide a unique opportunity for buyers to potentially purchase properties at discounted prices.
Top Foreclosure Real Estate Listing Websites
We’ve compiled together the most comprehensive list of online destinations to search for foreclosure listings. Our searchable and filterable list below is a helpful tool to help find the right resource to search for foreclosure listings.
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Types of Foreclosure Properties
There are various types of foreclosures that are based on the stages of the foreclosure process and the specific procedures followed in different jurisdictions. Here are the most common types:
- Pre-Foreclosure or Short Sale: Before a home is officially foreclosed upon, the borrower might have the option to sell the property for less than the amount due on the mortgage. This is known as a short sale. The lender has to agree to this arrangement, knowing that they will receive less than the owed amount.
- Judicial Foreclosure: This type of foreclosure is processed through the courts. The lender files a lawsuit against the borrower. If the borrower does not pay the mortgage within a certain timeframe ordered by the court, the property is then auctioned off.
- Non-Judicial Foreclosure: In some states or jurisdictions, a lender can foreclose on a property without going through the court system. This is usually when a power of sale clause exists in a mortgage or deed of trust. The terms for this type of foreclosure are typically set out in the loan agreement.
- Government-Owned Foreclosures: If a homeowner defaults on a government-backed loan, such as a Federal Housing Administration (FHA) or Veterans Affairs (VA) loan, the property may become property of the respective government agency and they will handle the sale.
- Tax Lien Foreclosures: These are not initiated by a mortgage lender but by the government. If a homeowner fails to pay property taxes, the government can place a lien on the property. If the taxes are not paid after a certain period, the government can then auction off the property to collect the owed taxes.
Best Foreclosure Listing Website
There are many for sale by owner real estate listing platforms out there. Each has its own set of real estate marketing tools and resources. Below is our top recommendation based on first-hand experience for foreclosure real estate listing platforms.
Why We Like Foreclosure.com – Established in 1999, Foreclosure.com is the largest and most established website for finding foreclosure listings and data on foreclosure properties.