Use Internet Technology For Foreclosure Savvy

The shakedown in the real estate industry is creating a large inventory of foreclosure properties. With the help of the Internet, opportunistic property seekers can find these bargains without leaving home.

In the pre-Internet era, even Sherlock Holmes and Watson may have had a hard time finding foreclosure properties. These listings were held closely by information providers, and only distributed to those who'd pay the fee. My, how times have changed.

On April 29, 2008, RealtyTrac reported that foreclosure filings nationwide increased 23 percent in the first quarter of 2008, relative to the previous quarter. More stunning is the first quarter increase relative to the first quarter of 2007-a whopping 112 percent. RealtyTrac goes on to state that between January and March, one of every 194 homes received a foreclosure notice.

These staggering numbers present a growing opportunity to buy property at below-market prices. It helps, of course, if you know where to find these foreclosures early, because you can bet there are other savvy property seekers looking for deals, too. To give you the advantage, here is a list of sites that can help you find the distressed property of your dreams.

Yahoo! Real Estate

Yahoo! Real Estate has a radio button for foreclosures under "listing type" on its home page. You need only input a location, select the foreclosure button, and hit "search." If you want more specific results, you can narrow your search by price range, and number of bedrooms and bathrooms. Search results are provided in a list format and plotted on a map; the map can be toggled between a variety of views, including satellite, map, and hybrid. The listings are also color-coded to show which ones are new, and which have been listed for longer than 15 days.

Redfin.com

At Redfin.com, you begin your search by inputting a city or zip code, or selecting a predefined search for certain metro areas. Then you can expand the search option box, which allows you to select bank-listed foreclosures, as well as homes, condos, new listings, price parameters, number of bedrooms, etc. The search results include a map along with the address, city, price, and days listed of each property. You can also click on a specific listing to view tax, lender, and broker information for that property.

Trulia.com

As with Redfin.com, a search on Trulia.com begins when you specify a location. From there, you can narrow the results to include only foreclosed properties, or only foreclosed condos with two bedrooms, for example. You can also set email alerts to notify you of new listings that match your specifications. Trulia.com's foreclosure listings are powered by RealtyTrac, which doesn't provide exact addresses unless you register.

Nowadays, there's no mystery to finding foreclosure properties. The information is out there, and often it's available free of charge. Your challenge will be finding the right property and closing the deal, before someone else beats you to it.