Foreclosure listings provide information about all the different properties that are undergoing the foreclosure process. Most of these are available online and can be searched according to different factors. For instance, it might be possible to search properties by city, neighborhood, pricing, etc.
These lists are created and maintained by various organizations who specialize in identifying foreclosed properties. Some of these listings provide comprehensive information such as:
- Listing prices
- Square footage (property size)
- Number of bedrooms and bathrooms
- Other information related to foreclosure auction issues
Foreclosure listings are often available for free online. However, these can sometimes be outdated and may be inaccurate, especially when it comes to sales prices. Other private foreclosure listings can be obtained at a cost or through a subscription price. These are often "fresher" and reflect more updated information. Also, they tend to be less flooded than the free listings. Properties listed on free listings tend to get "swallowed up" quite quickly by professional investors.
Foreclosure listings can sometimes lead to various real estate legal issues. As mentioned, some older listings might contain outdated information. In other cases, foreclosure listings can be a source of foreclosure fraud. For instance, if a property owner or a broker agent intentionally lists false information, it can lead to a legal violation. Such conduct is generally considered against real estate business ethics, and can result in civil and/or criminal charges.
Therefore, it’s important that you be conscientious when dealing with foreclosure listings. They can be helpful in getting you started on locating foreclosed property. However, be sure to verify all information on the property before signing any type of legal document or contract.
Foreclosure listings can often be a helpful tool when searching for property to buy. You may wish to hire a foreclosure lawyer if you need help with the foreclosure process. Your attorney can help you with any legal questions that you might have about a particular piece of property. Also, your attorney can represent you in court if you need to file a lawsuit over real estate matters.