More ways to find Dane County foreclosures

In our last entry we posted a few links to REO web sites from national lenders. The number of local properties on these web sites is spotty at best, but there are plenty of other ways to locate homes in various stages of foreclosure.

1. Use the Laredo land record search tool to identify recent lis pendens filings, or homes in pre-foreclosure. A Laredo subscription costs $50 per month for the first 250 minutes each month. If your goal is to locate, negotiate and complete a foreclosure purchase, keep in mind that there is plenty of legwork to follow.
2. Use the Wisconsin Circuit Court web site to identify foreclosed homes. All of the circuit court data is public information and is available free of charge. Once again, if you goal is to buy a foreclosed home, there is plenty of legwork to follow.
3. Use an online provider like RealtyTrac to locate homes in various stages of foreclosure. RealtyTrac offers a 7 day trial membership that is free of charge.
4. Contact local investment organizations such as the Midwest Investment Club or Nouveau Riche. Both organizations offer plenty of access to individuals who have experience buying homes in various stages of foreclosure. If you want to learn more about how to locate, negotiate and complete a foreclosure purchase, both organizations provide a good opportunity to learn from others. You may also meet someone who is willing to do much of the legwork for you.
5. Work with a realtor who is willing to scan the MLS market for homes in various stages of foreclosure. One way that a realtor can do this is by implementing a key word search of the MLS that will surface properties with a value upside. For example, Shawn Kriewaldt and I are assisting several buyers right now by implementing an MLS key word search that includes the terms listed below. Whenever a listing with any of the following key words enters the market or undergoes a price change, our buyers receive an email notification with the listing details.

MLS key word search terms: *foreclosed*,*foreclosure*,*as is*,*as-is*,*bank*,*bank owned*,*bank-owned*,*below assessed*,*below*,*diamond*,*fixer*,lender approval*,*lender*,*lien*,*motivated*,*potential*,*reo*,*short sale*,*short*,*subject to*,*TLC*

Keep in mind that foreclosures continue to grow, and in most cases it takes several to many months from the time that the foreclosure process is initiated until the time that a foreclosed home becomes available for purchase. With this in mind, expect the market for foreclosed homes to grow over the coming months, as more and more foreclosed homes cycle through the legal process and enter the open market.