February 26, 2008
Where the Foreclosures Are
What’s the best way to find foreclosed properties? Plenty of sites charge fees to get you a list of bank-owned homes. You can visit individual banks and lenders to get lists, but that’s time-consuming.
I came across a cool blog that features a list of homes owned by good old Countrywide. Click here for the link.
The blog keeps a running tally of the Countrywide foreclosures in the U.S. At this moment, that total is 15,007, including 4,293 in California. You can click on individual listings that include addresses, pictures and a contact number for more information.
It also includes links to properties owned by about a dozen lenders, including Bank of America and Wells Fargo.
If you plan on buying a bank-owned property, do your homework. One good place to start is this list of tips from AOL. Most important: Don’t commit to anything until you’ve inspected the house thoroughly.
Meanwhile, the National Association of Realtors this week reported that nationwide sales of existing single-family homes and condos fell to a nine-year low in January, while median prices fell for the fifth straight month. In these uncertain times, a bargain-priced bank-owned house could be the way to go.
Recent Redfin posts:
What Not to Do If You’re Losing Your Home
It’s a Bird! It’s a Plane! It’s Sky Garden!
Brian said:
Also, we would suggest looking through a detailed property report to assess any permits or violations filed on the property. And running comps of similar properties that recently sold should at least give a boundary of what the foreclosure might be worth, after adjusting for risk. Finally, it’s a good idea to browse our thousands of properties in LA with a Notice of Default, as these can be researched before they ewnd up in a Trustee Sale.
February 27, 2008 8:34 AM
Cindy Allen said:
Thanks for the additional advice, Brian. I think Property Shark is a great site; I link to you guys all the time. You provide information the agents won’t give! I give you guys props whenever I can.
February 27, 2008 8:37 AM
L.A. Area Hit with Steep Price Decline | Redfin Los Angeles Sweet Digs said:
[…] I did it! I listed with Redfin Where the Foreclosures Are […]
February 29, 2008 12:02 AM