What to do if You Want to Buy an Unlisted Foreclosed Property

If you want to buy a property that is foreclosed, but hasn't been listed anywhere yet, here are some tips:

If you're an agent or have a buyer's agent with access to Realist...

I would suggest checking Realist to find out about the bank that is used, assuming that it was foreclosed based on a past due mortgage, then reaching out to the bank.

Check the city/county records, & if not up to date, reach out to the city/county.

Especially if it’s foreclosed based on a past due judgement, or if you don't have access to Realist you might want to 1st check the county/city records for current ownership &/or what bank holds the note. If those haven't been updated, reach out to the city/county to see if they are the source of the foreclosure, or if they know who the current owner is.

Be prepared for visiting after listing or auction posting.

Often, foreclosed properties will be listed on the open market as a foreclosure or go to auction. It's best to have a search setup for each option, especially on >99% of the MLS for a given city/county & the most likely candidates for auction if not going on the local MLS. Adding a Zillow search as well doesn't hurt. Depending on the loan type, you may want to establish searches on Hudhomestore, Fannie Mae Homepath, etc., even though these typically also get posted on MLS.

Related:

• Pre-Foreclosures

• Finding Off-Market Properties

• Real Estate Auctions

• Which Multiple Listing Service(s) Are Needed to List in SE VA?

• Expeditious Showings

• Expeditious Offers

• Tips for Search Creation with Your Agent

• Zillow Search Setup

• What to Look for in a Buyer's Agent for Your Home or Other Real Estate

• The Importance of Choosing a Great Buyer's Agent

• What Adam Offers Buyers