Using Online Sites to Search for Foreclosures

Everywhere you turn people are talking about bank foreclosures and what a great way to buy a cheap home online. The only problem is that many banks and lending institutions do not put a big sign in the front yard announcing bank-owned homes. Years ago, watching the newspaper for auctions or waiting on realtors to list bank foreclosures was the only way you knew when these were available. Today, online sites have taken the lead in presenting the latest in all types of homes for sale.

Finding a good site that offers more than general information on the price and approximate location can take days of sifting through the thousands of bank foreclosures available today. However, there is one sight that will walk you through the entire process of finding homes, various sorting options, advice for obtaining mortgages and major points to look for in making the absolute best investment.

RealtyStore.com Foreclosure Listings site

RealtyStore.com main page, Members' Area

RealtyStore.com is a unique website that shows homes all across the country that meet certain criteria.
Here are some of the sale types you'll find on RealtyStore:

•     Pre-foreclosures
•     Foreclosures
•     Resale (MLS)
•     Owner Financing/FSOB
•     Rent to Own/Lease Option
•     Auctions/Tax Sales

In addition, RealtyStore.com is a user-friendly site that provides as little or as much information as you need. No researching or looking up maps on the Internet is ever needed and helpful neighborhood demographic statistics are shown for each individual property.

Try a few examples and see how you can be on your way to finding the best deals possible from the comfort of your home or office.

The first thing to do is sign up for membership at RealtyStore.com. Once this is completed, follow to the listings page. Here is where you can select any desirable area and begin your search. Notice that the six options listed above are offered. We are selecting only Columbus, Ohio foreclosures. The results narrow down the cheap homes for sale down to 1,363 foreclosures in this area.

Search results for Columbus foreclosures on RealtyStore.com

On the left-hand side of the screen, you will see a list of Sale Type, Hot Deals, Property Type, Home Features and Price. You can also select to view only those with pictures available. In selecting bank foreclosures under Sale Type, single family home under Property Type, $25,000 to $100,000 Price the search produces 505 results. When we also specify "only those with photos" the search returns 159 properties.

By selecting "only those with photos" the results narow down to 159 foreclosures.

Immediately above the listings there are four green boxes that provide Listings, Map View, Neighborhood and Stats & Trends. These maps and additional information are helpful in learning the areas that are most attractive. Immediately below this section you are given the option of several new sorting options.

•     Price
•     Square Feet
•     Auction Date
•     Most Recent
•     Sale Type
•     Property Type
•     Smart Zip

Smart Zip Home Score and Investor Score is an amazing little tool that gives you the insider knowledge of finding the best deal. Having negotiating power is everything in getting a motivated seller to make a deal and the Smart Zip has done all the legwork for you. Let's sort by Smart Zip Home Score and see what turns up. With just the click of your mouse, you are now looking at a sorted list of the highest rated REO forcrlosure homes in Columbus, Ohio.

Select the first home and you will be taken to a complete Property summary, map of listing and a snapshot of the property area. The Price Info tab provides Key Investment Indicators such as:

•     Appreciation
•     Affordability
•     Cashflow
•     Safety
•     Schools
•     Lifestyle

With these facts in mind, you are better able to establish the investment potential and cash flow. There is also a built-in financing calculator for creating your payment schedule while still on your property page to make a determination on a fixed-rate mortgage.

Take your time and sort your area selections according to what is important to you and once you have a few properties in mind, check out the rest of the helpful information of the site.

Tricks to Instant Financing

No one said it would be easy to purchase bank foreclosures especially in the changing nature of the lending institutions. RealtyStore.com has done the work in establishing the latest rules of the funding market. By using the information available on credit management, improving your financial health and keeping a close eye on your credit score, you will find yourself in a perfect lending position.

Learn what type of mortgage loans are available in the area you have selected and be prepared with meet with a lender with confidence. Nothing is worse than being totally in the dark when dealing with loan officers. Besides the fact that you have just wasted your time and theirs, a home may have slipped through your fingers. Visit the Get Approved pages on RealtyStore.com's Members area and find out what is needed to improve your credit score, how much monthly payments will be and ways to create more purchasing power.

Never Feel Alone

All types of individuals and investment firms are seeking to increase portfolios on the recent turn of events that have caused the market to be flooded with bank-owned homes. Find the latest news on area bank foreclosures listed on the Foreclosure News page and visit the Foreclosure Blog under the Foreclosure Trends tab. Here you will stay abreast on latest developments in discounts, creative financing, inventories and trends in the bank foreclosures market. Social networking through Facebook gives you the opportunity to meet others with the same goal in mind as yours and lead you to new connections and friends.

Learning Made Easy

Bank foreclosures offer a whole new world of excitement, income potential and a career in an area once described as bleak. RealtyStore.com takes you from the beginning stages of real estate and leads you through tutorials that explain the industry like you have never seen. Timing is everything in the world of bank-owned homes and taking action now can land you right in the midst of many opportunities.

Twelve chapters covering everything from reasons for investing in real estate to how to find your niche in pre-foreclosures, auctions or tax sales are illuminated step-by-step to help you decide on your journey. Additional explanation as to what to look for in For Sale by Owner and Short Sales are also presented in easy to understand terms. Hard to find subjects like HUD Homes and Alternative Financing is also presented so all options are at your disposal. Once you are familiar with the terminolgy and workings of the industry, you'll wonder why everyone is not eager to take advantage of bank foreclosures.

Laws and Other Concerns

Understanding how the foreclosure laws operate depends on the state in which the property is located. Each state governs their own set of rules over the foreclosure procedure and possible elements leading to the action. It is imperative to become familiar with the state law of bank foreclosures in order to learn the different variables that exist. Dealing with numerous states can be difficult and it is recommended to seek further help from a local real estate lawyer to explain the differences. You can find a listing of all states and regulations by visiting Foreclosure Laws listed under the Realty Guide at RealtyStore.com.

FAQs

The jargon of the real estate industry and bank foreclosures can seem foreign and hard to remember but the FAQ section explains each term in language that you can easily understand. Questions like 'What is a FSBO?' are spelled out in clarity and before long you will be a pro at using these terms.

RealtyStore.com is only one of many online sites that offer the latest in bank-owned homes.
The difference is the facts, training and exposure that this site provides to anyone wishing to take advantage of bank foreclosures. Without the knowledge and preparation required for taking this step, you could end up with less than bargained for. Study with the experts that have made it their job to present as many facts and details that are necessary in purchasing a home to live in or making a career out of real estate investments. If there is anything missing or hard to understand, RealtyStore.com also provides assistance through email or phone.