Welcome to HomeFinder, the top online real estate portal for finding foreclosed homes wherever you're located. With tens of thousands of foreclosed homes for sale and thousands of new listings every day, HomeFinder has the best foreclosures for your budget and needs.
HomeFinder makes it easy to find foreclosed homes that meet your budget requirements and personal preferences. When searching for foreclosures for sale, you can narrow down your search by property type, year of construction, square footage, and price. Our search function also allows you to filter your search to a specific number of bedrooms and bathrooms.
Each listing includes a description of the property along with other useful information such as the number of days it has been listed on the site. You can also find out the year it was built, the type of heating, flooring, and details about the exterior such as a garage or new construction.
Foreclosures listed on HomeFinder will also include information about the local area, including the population, number of households with children, the unemployment rate, and nearby schools.
FAQs About Foreclosed Homes
What are the benefits?
In some cases the seller will be motivated to sell quickly, which puts you in the position to negotiate a below market price. In the real estate industry, that's the gold standard for getting a good deal.
When you search for foreclosures, you may come across a home that is in the pre-foreclosure/notice of default (NOD) stage of the process. Called a short sale by real estate professionals, the seller will probably want to sell as quickly as possible, which boosts your bargaining power even more.
How do I get a good deal?
Getting a good deal comes down to a simple calculation. Try to purchase a foreclosed home for 80% of the market value minus the cost of repairs. In many cases, foreclosures for sale have been abandoned for a certain amount of time and are often in need of major repairs.
The first step is to schedule a professional home inspection. The home inspector will assess whether any critical parts of the house, such as plumbing, electrical, or foundational, need to be fixed. Once you get a reasonable bid from a contractor on the cost of repairs, you'll be able to calculate the best offer for making a profit.
What are the risks?
If you are in the market to buy any type of home, including foreclosures, it's always a good idea to understand the real estate laws in your state. For example, some states have the right of redemption law, which allows someone in foreclosure a certain amount of time to buy the home back after the sale.
According to real estate experts, it is essential that potential buyers know about any liens against the property, which will be transferred to the new owner. To protect yourself from this possible scenario, buyers of foreclosures should purchase title insurance, either in escrow or after the closing.
What is the age of the house?
Not only do you need to know the age, but real estate pros also recommend asking about the maintenance history of the home. Find out about the age of the roofing, plumbing, HVAC systems, and wiring, which represent the most important parts of a home. These components also cost a significant amount of money to repair, which is why it's important to factor in these costs when shopping for foreclosed homes for sale.
How did the seller determine the asking price?
When searching for foreclosures, real estate experts recommend asking how the seller came up with the price. For instance, if the amount of money still owed on the loan is factored into the price, you may have more room to negotiate.
Foreclosure Statistics & Trends
In 2019, foreclosures showed an increase of 7% from the previous quarter, which is 3% lower from one year ago.
Bank repossessions are down 21% from the previous quarter, which is 45% lower than a year ago.
New Jersey had the highest foreclosure rates in the first quarter of 2019.