How Do I Find Foreclosed Properties?
A frequent question from newer investors is: “How to do I find foreclosed properties on the MLS?“. The MLS is now just implementing a field that specifies if the property is bank-owned (or REO). Unfortunately, any listings that were put into the MLS will NOT have that field marked (unless updated by the listing agent).
Your best solution for finding foreclosures on the MLS, is to initially based upon your search criteria (neighborhood, bedrooms, property type-duplex or multi family). When you get the results, the foreclosures are typically the lowest priced properties in any particular neighborhood. Banks want to sell these properties and they are often vacant and in need of repairs, so they are priced lower than most comparable owner-sold properties in the same neighborhood.
