7 Internet Resources to find foreclosures and REO a.k.a. bank owned properties- Part 1

if you have been to Yahoo home page, MSN home page lately or have watched the evening news on your local station, then you have seen the troubles local real estate markets face each and every day. News stories giving statistics for local markets are everywhere. Some markets face foreclosure rates as high as 50%. That's enough to scare the heck out of consumers.

I for one, look at this foreclosure crisis from another angle. Grant it, certain local real estate markets have been hit with foreclosure crisis at record numbers. For instance Detroit, which is about 40 minutes south of where I live, registered highest number of foreclosure rate among the nations top 100 largest metro areas. That number translates to about 5% of households entering some sort of foreclosure stage in 2007. That's 72,616 foreclosure filings in 2007. That's bad, really bad.

So, what can we do to help the real estate market rebound and get back on its feet? There are many solutions. One solutions I want to talk about here today is to buy those foreclosures and REO properties.

As real estate investors and ever some retail buyers, we can buy those properties at huge discounts. Banks are not in the real estate business. They do not want to own houses, flip houses and/or fix houses. They are in money and loan business. They will do everything they can to get rid of those eye sores, those REO properties off their books.

But how do you find those properties? Where do you look? It seems like banks have those properties hidden away so nobody can find them. On the contrary. But only if you know where to look.

That is why I have created this page for you. I will give you my list of Internet resources to help you find those foreclosured REO proper ties. I will give you the exact websites where you can look up those properties. In this first part of 2 part series, I will give you the first 4 internet resources. Here we go:

Internet Resouce #1Bank Of America REO Properties - The first Internet resource is for Bank of America. As of the time this article is written, there are 165 Bank of America REO's just in California and 112 in Georgia.

Internet Resouce #2

CountryWide Home Loans REO Properties - Socond Internet resource is for Countrywide Home Loans. I did a search today on their website for reo properties in Michigan and I received a whopping 15 pages of 100 results per page. If my math is correct, that 1500 properties.

Internet Resource #3

Chase Bank REO Properties -Yet another bank with huge numbers of reo properties. Chase Bank has an easy search interfac. You can search by state, county, and zip code, property type, price range and even realtor company.

Internet Resource #4

Ocwen Reo Properties - Ocwen specializes in Real Estate Owned Properties. They list commercial properties,residential properties, and even VA properties. They have a easy navigation through a map that is linked through every state in the United States.

So, there you have it. The first 4 Internet resources for real estate owned foreclosures. In part 2, I will give you the other 3 Internet resources. If you, don't want to wait, check out the links section for the free internet resources for real estate investors where you can find all of the Internet resources for your real estate business.

Until next time,

Peter K.

Mr. Virtual Real Estate

UPDATE:

I have completed part 2 of this series. In part 2, I provide you with 3 more internet resource plus 2 extra bonuses. You can access part 2 by clicking on the link below.