bank owned foreclosure auction website

[Winnie Lei]

Hello,

Which auction websites are good for finding bank owned forecosure (I mean the one that is already owned by the bank and the bank is trying to auction it out, i.e. no title/lien issues etc)?  I know hubzu.com has this kind of properties... 

Appreciate your input!  Thanks.

[Michael Noto]

@Winnie Lei Assuming it will be the same in your neck of the woods, but as an investor and a licensed agent here in CT I have seen people close deals with the following online auction sites:

• Auction.com - these properties are typically not listed on the MLS in my area and can be a good way to get a deal if you are persistent. Do not get caught up in their listed reserve price. Sometimes they will negotiate or accept the offer of the highest bidder even if it does not meet the reserve
• Hubzu.com - you mentioned this one, but keep in mind not all properties on HUBZU are auctions, some are traditional offer. In my area occupied HUBZU listings are typically not on the local MLS, but the non-occupied ones are
• xome.com - used to be homesearch.com, same as hubzu in that occupied listings are usually not on MLS. Most of these listings are auctions.

HUD homes (hudhomestore.com), Fannie Mae homes (homepath.com), Freddie Mac homes (homesteps.com) are not traditional auctions but are online offer submission based. Most of these homes are also listed on the local MLS.

One thing I would recommend is that if you choose to bid on a home that is either on an auction site requires an online offer submission use an agent that has experience navigating a transaction with the given website that is hosting the auction.  These are not cookie cutter transactions and an agents experience is valuable.  Best of all for a buyer you get all of the knowledge and experience on your side for free.  The selling side pays the buyers agents commission if one is being offered.