Find Foreclosure Homes Near You

What Are Foreclosures?

Foreclosures are properties where the homeowner has failed to keep up with mortgage payments, leading the lender to repossess the home. These properties are commonly sold at public auction or listed as bank-owned (REO) homes.

What Happens During a Foreclosure

A foreclosure occurs when a homeowner fails to keep up with mortgage payments and the lender takes legal action to recover the outstanding loan balance. Once foreclosure is finalized, the property is no longer owned by the borrower and is sold through auction or listed as a bank-owned (REO) property.

• Stage Post-Default Process

  The foreclosure process has moved beyond missed payments into legal action.

• Ownership Lender or Trustee Controlled

  Properties are sold by lenders, banks, or court-appointed trustees.

• Sale Type Auction or Bank-Owned

  Homes are sold at public auction or listed as REO inventory.

Why Foreclosures Create Buying Opportunities

Because lenders are focused on recovering losses rather than maximizing resale value, foreclosures are often priced below comparable market listings. This creates opportunities for homebuyers and investors willing to act quickly and navigate time-sensitive sales.

• Below-Market Pricing

  Lenders price foreclosures to move inventory efficiently.

• Public Auctions

  Many foreclosure homes are sold through courthouse or online auctions.

• Bank-Owned Homes

  REO properties are often sold directly by financial institutions.

How Foreclosures Differ From Preforeclosures

Unlike preforeclosures, foreclosure homes are no longer owned by the borrower. Buyers typically cannot negotiate directly with homeowners and must instead work through lenders, trustees, or auction platforms.

• Limited Negotiation

  Pricing and terms are controlled by lenders or auction rules.

• Faster Timelines

  Many foreclosures require quick decisions and immediate deposits.

• Clear Title at Closing

  Completed foreclosures are typically transferred with clear ownership.

Finding Foreclosure Listings

Foreclosure.com helps buyers locate foreclosure listings nationwide, including auction properties and bank-owned homes across all 50 states. Our database is updated continuously as new filings occur and properties move through the foreclosure pipeline.

If you don’t see the right property today, you can sign up for our email alerts to receive notifications when new foreclosure opportunities become available.