When taking the plunge into the foreclosure market, the first challenge is finding bank-owned properties that are for sale. Here are some ways to find these deals.
1. Bank websites. Lenders such as Bank of America and Chase post listings, but these can be limited.
2. Local Realtors. Real estate agents can access the Multiple Listing Service of Long Island for foreclosed properties. There are also real estate firms that specialize in foreclosures and feature those listings on their websites. They include: Island Advantage Realty in Hauppauge, Cruse Real Estate in Seaford, American Way Real Estate in Port Jefferson, NYOnlineRealty.com in Massapequa, Options First Realty in Patchogue and Island REO Realty in Miller Place.
3. Free sites. The U.S. Department of Housing and Urban Development has a free listing of properties for sale from government agencies. Real estate websites such as Zillow, Trulia and Property Shark also feature foreclosure listings. Free foreclosure-centric sites include FreeForeclosureDatabase.com and REOSource.
4. Subscription sites. RealtyTrac offers a free, seven-day trial to look at foreclosure listings. After that, subscription rates range from $49.94 per month to $249.95 for a full year. ForeclosureListings.com also offers a seven-day trial for $3.95, with a subscription costing $39.95 per month or $99 for a year. The subscription sites say they provide more information on the properties.
5. Courts. Foreclosure sales are held every Tuesday at 11 a.m. at Nassau County Supreme Court, 100 Supreme Court Dr., Mineola. In Suffolk, the sales are held at individual town halls.