Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Searching for Foreclosure Homes Online

Trying to find a good foreclosed property online to buy can be a confusing process. The terms used for foreclosures vary. There are: foreclosures, pre-foreclosures, auction foreclosures, bank-owned foreclosures, default foreclosures, and the list goes on. On one real estate website, you could find all of these terms. Realtors primarily use the terms to draw in more customers to their website, neglecting to educate the buyer on the terms. There are certain foreclosures that demand more risk in purchasing.

When it comes to foreclosures, the best type, with the least amount of risk are bank owned foreclosures. They are also called Real Estate Owned or REO/ORE properties. These homes are owned by the lender and have made it through the foreclosure process. With these homes, the buyer is able to secure a mortgage to help finance the home. This makes a bank owned mortgage more affordable for more people. And these foreclosures can be easily found online. These homes are listed on the MLS for a period of time.

It is important to know what types of foreclosed properties to look at online because certain types of foreclosures have more potential to waste your time. As realtors try to generate more traffic to their site, they list all of the types. This includes pre-foreclosures, where some of the homes may not still be for sale. And auction foreclosures, where it could be a few years before the home actually goes up for auction. Bank owned foreclosure homes will be available for purchase at the time it is listed online.

Look for real estate websites that only lists bank-owned foreclosures. Those are the homes that are going to be available now, with less risk, and a better situation. Those websites, with only the bank-owned foreclosures, are going to be more reliable.

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