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Free Foreclosed Listings - Can You Find High-Quality Foreclosed Homes on Free Lists?

April 19, 2012 | Comments: 0 | Views: 139

Before we delve into discussions about where to find good quality foreclosed homes, it would be better to have some background knowledge about foreclosures and Real Estate Owned (REO) properties. This concept has arisen in the wake of the great financial disaster that left almost the entire world economy crippled. As is identified by most experts, it was mainly the hapless condition of the real estate market that was the major cause behind the collapse of the world economy.

This mainly occurred due to defaulted loans taken by people for the purchase of properties, loans which they failed to repay. What ensued was the banks taking over the control of the properties and putting them up for auctions where the banks would bid the amount that is due and would release the property to the bidder who outbids. But in case the bank remains the highest bidder, the property is declared foreclosed or an REO property and wants to clear the property by selling it off at a lower price of 60-70% of the market price.

Although there are certain extra costs over and above the price of the property which includes cost of repairs or up gradations that would be necessary to make the place habitable and comfortable and also to increase its market value, the fees of the lawyers, tax consultants, real estate agents etc. Now, most real estate agents have a detailed listing of the foreclosed properties in their area of operation. But to avail these listings you will have to engage the services of the respective real estate agent. But to make matters simple, many websites provide listings of foreclosed properties, with the description of the property, its location and the listed price.

While most of these listings can be accessed only through the privileged membership of the website, some of them are available free of cost. But like most things, what you get for free may not always be the best of what is available. Although some of the websites giving free foreclosure listings regularly update their lists and hence are a reliable source of such listing, but such website are rare and you would have to sift through a lot of crap to find the one that you need. Most free foreclosure listings on the other hand, are either incorrect or outdated and would turn out to be of no use when you go out on the field to get a look at the actual property.

After all, when you are planning to invest in a home, it would not harm to spend a few extra bucks for buying the membership of a registered and authentic real estate website which will not only guarantee you an authenticate and up to date list of foreclosed properties, but its extensive database would also let you compare the features and prices of different properties and thus help you make the best possible choice regarding the purchase of your dream home. provides you Foreclosure Listing by distressed property listing agents in Austin Texas, Los Angeles, Chicago, Salt Lake City and all across the nation.

Source: EzineArticles
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