by Barbara Nevins Taylor
A friend in Northern New Jersey, with two young children, wants to find a home to buy before the lease on their apartment runs out in two months. I suggested he check bank owned properties because he’s likely to find good deals. RealtyTrac, the company that follows the foreclosure market, reports that foreclosure filings in New Jersey jumped 70 percent in February from the previous month. While this is heartbreaking for the homeowners, it does provide a good opportunity for homebuyers.
Bank owned properties are attractive because the banks already own them, and in most cases want to sell relatively quickly.
REO listings
Banks call the properties that come to them through foreclosure “Real Estate Owned,” or “REO,” and sections of their websites are dedicated to REO listings.
Here’s the first tip to find foreclosures
- Search the REO listings on websites of big banks in your area, which are likely to have homes in their possession.
In Northern New Jersey for example banks with REO listings include:
For more information ConsumerMojo.com’s How Do I Find Foreclosures walks you through the process. In our Quick Downloads section there’s a fact sheet with what you need to know.
Let us know what you’re doing to find foreclosures. Leave a comment or show us your video!
