Foreclosure.com Review: Is It Worth It For Real Estate Investors?Nov 13, 2023
In the complex and ever-changing world of real estate investing, finding the right deals at the right time can be a challenging task, especially in the foreclosure market. This is where Foreclosure.com comes into the spotlight. Designed as a comprehensive platform, it amalgamates data from numerous sources including courthouse records, banks, mortgage records, and government agencies, providing a centralized hub for real estate deals across the country.
Navigating the realm of property foreclosures often involves sifting through various sources, many of which are not particularly user-friendly or comprehensive. Foreclosure.com simplifies this process, offering a broad spectrum of listings that range from pre-foreclosure properties to bank-owned real estate. This platform stands out by not just showing opportunities from a single source, but by painting a complete picture of the foreclosure landscape in your area of interest.
In this review, we'll delve into how Foreclosure.com can be a game-changer for different stakeholders in the real estate market - from investors and landlords to first-time homebuyers. We'll explore its unique features, and the variety of listings it offers, and provide insights into how this tool can enhance your property search, deal-making, and investment strategies. Whether you're seeking a bargain for your next investment or a new home within your budget, Foreclosure.com might just be the resource you need. So, let's embark on this journey to uncover the potential that Foreclosure.com holds for your real estate aspirations.
If you're looking for the best real estate deals, you may want to spend some time on Foreclosure.com. Here's a comprehensive software review to provide you with more information:
- What Is Foreclosure.com?
- Foreclosure.com Features & Benefits
- How Much Does Foreclosure.com Cost?
- How Does It Stack Up Against Competitors?
- Foreclosure.com Software Frequently Asked Questions (FAQ)
- Is Foreclosure.com Worth It?
What Is Foreclosure.com?
Foreclosure.com curates listings of distressed properties in the U.S. You can find information about different property types on the website, including bankruptcy listings, foreclosed properties, rental homes, homes for sale, and more..
On the website, you can find detailed descriptions of available foreclosure properties, owner information, photos, and other details to help you make the best buying decision.
If you’re wondering whether Foreclosure.com is worth your while, in this review we will discuss the features of this platform and how it compares to other real estate software solutions.
Want to try it for yourself? Use our link for your FREE 7-Day Trial of Foreclosure.com!
Foreclosure.com Features & Benefits
Foreclosure.com has a whole array of features that allow users to discover and benefit from exciting real estate opportunities and property listings without any hassle. Let's get familiar with some of these features:
- Mass Coverage
- Detailed Listings
- Search Capabilities
- Foreclosure Listings
- Sheriff Sale Listings
- Short Sale Listings
- Bankruptcy Listings
- City-Owned Listings
- As-Is, Fixer-Upper, & Rent-to-Own Listings
- Email Alerts
- Data Accuracy
- Listing Labels
If you're looking to discover viable real estate opportunities in suburbs or rural areas, Foreclosure.com has comprehensive coverage and lists many properties in smaller towns. This means you can easily find a smaller home and get a better deal on your mortgage.
In total, the site has nearly two million listings, so you will likely find a property in the area you’re looking for.
More than listing available properties, Foreclosure.com provides detailed information about each real estate opportunity on their listings. For example, when you view a property, you should expect to see:
- The asking price of the house
- The style and design of the house, such as single-family or townhome
- The number of bedrooms and bathrooms
- The total square footage of the home
- A complete address
- Where the listing is in the foreclosure timeline. Whether it’s in foreclosure, pre-foreclosure, auction, or bank-owned
- The size of the lot
- When the home was built and if it has a garage or basement
- History on the market
Another notable feature of this website is the mortgage rate calculator, which you’ll find at the bottom of the page for every listing. With this tool, you can find an estimate of how much you'd pay as the mortgage rate for the property.
Foreclosure.com's search abilities are unmatched, and this gives the platform an edge over some of its competitors.
Foreclosure.com has specific filters to help you to find the property that fits your needs. Instead of just searching for real estate deals based on your zip code or city name, you can filter your search by price range, land size, and the number of bedrooms.
For example, if you're looking to rent a house in Manhattan, you can filter your search to specific areas in Manhattan, then filter your search further by the type of rental property you're looking to find.
Unlike many other real estate investing software, Foreclosure.com provides access to detailed information on every property. Whether you require the payment history of a property, mortgage information, or owner details, you'll find it on the website.
It also curates information for auction properties and city listings.
Foreclosure.com primarily specializes in providing listings of foreclosure near you.
Foreclosure listings on Foreclosure.com feature extensive details about these properties, including the specific foreclosure stage, the listed price, and whether the foreclosing party is working with a realtor or planning an auction.
Still, it’s crucial for potential investors to thoroughly review the redemption period to confirm whether the foreclosed home listing is legit and to ensure they make informed investment decisions. A thorough review also helps to avoid potential complications if the previous owner repurchases the property during this period.
Sheriff Sale Listings
If you're looking to go to an auction, the sheriff sale listings on Foreclosure.com are a great way to discover available properties.
After doing a broad property search by zip code, date, or city, you can further filter your search to discover sheriff's sale listings.
A sheriff sale listing is a property that would have a set auction date within the next three weeks. On the information page of the listed property, you'd find the auction information and other vital details.
A preforeclosure is a property where the owner has defaulted on loan payments. It means that the owner of the property has begun the foreclosure process on the property.
With Foreclosure.com, you'd find specific information about whether the property is still in the pre-foreclosure stage. These details would help you make a calculated real estate decision, so you don't waste money on the wrong assets.
*Check out this video walkthrough on how to find preforeclosure homes on Foreclosure.com:
Short Sale Listings
When you filter search results on Foreclosure.com by listing labels, you will find an option for short-sale properties. A short sale is a subset of pre-foreclosure on which the bank has agreed to sell for less than what is owed on the property if the parties meet their terms.
Every short sale listing on Foreclosure.com has a variety of information, as well as terms and conditions for the sale. You'd also find the contact details of the real estate agent handling the deal.
Foreclosure.com also offers bankruptcy listings as part of its offerings. While properties featured in this category may present investment opportunities, conducting thorough due diligence is crucial before you pursue one. Why? Well, unlike Foreclosure or Pre Foreclosure listings, properties in this category are often still privately owned by individuals facing financial challenges.
<Additionally, you’ll find that the property isn’t directly related to the bankruptcy proceedings, might not be available for sale, or owned by the individual filing bankruptcy. Instead, it could have merely served as the address of the person going through bankruptcy, for instance, a tenant.
So, if a property listed in this category fits your investment criteria, conduct comprehensive research and gather more information before you consider it an investment option. Invest in legal consultations, and take time to understand the specifics of the property you’re interested in to navigate the intricacies of bankruptcy-related properties effectively.
Also, remember that even when the individual listed is the actual property owner, the resolution of their bankruptcy case could take up to two years. This delay can significantly impact the property’s availability and the legal processes associated with the bankruptcy proceedings.
You will find the "city-owned" option at the top of the Foreclosure.com website. You can also filter your search results for city-owned listings using the drop-down listing menu in search results.
City-owned listings are properties owned by municipalities or counties and are deemed no longer needed for public use.
Foreclosure.com pulls out the contact information of the authorities in charge of the listings so you can reach out to them directly and broker a deal.
As-Is, Fixer-Upper, & Rent-to-Own Listings
These properties are typically categorized as such based on the presence of terms like “As-Is, fixer-upper, or rent-to-own” in their descriptions. While they’re available, it’s important to note such properties aren’t as abundant as other properties in other listing categories offered by Foreclosure.com.
As-Is and fixer-upper properties are often sold as they are and, in most instances, need significant repairs, renovations, or improvements. Properties listed as rent-to-own, on the other hand, offer an arrangement whereby the buyer rents for a specific period, with the option to purchase the property at a predetermined price at the end of the rental terms.
What sets these properties apart, besides their unique listings, is their unique financing options. They’re often available for purchase without the need for conventional financing, meaning most of the owners will even accept cash offers.
Furthermore, these listings are usually priced below market value, making them an appealing choice for real estate investors, particularly wholesalers and house flippers. Still, potential investors should approach these listings with caution.
If you’re interested in a property under this category, thoroughly assess its current condition and understand the necessary renovations and their associated costs to determine profitability. While these properties offer the potential for significant returns, they also come with higher risks.
Foreclosure.com allows you to set up free email alerts for real estate opportunities in a particular zip code. To do this, navigate to the "alerts" page on the website.
Next, fill in the short form by providing the zip code, full name, and email address. Once you've done that, click on "send free foreclosure alerts" to complete your registration.
Foreclosure.com is the right resource for anyone seeking valid information about a foreclosure, property owner, or some other type of real estate. You can filter foreclosure homes by state, plus other hyper-local criteria to find the most precise offer.
To make it easy for you to discover real estate opportunities that suit your needs, Foreclosure.com has several listing labels for filtering search results. Specifically, you can narrow your search results to Foreclosures, HUD, $100 down, Shadow Inventory, Preforeclosures, Bankruptcies, Rent to own, Tax liens, Short sales, As-is-deals, City-owned, and Fixer-uppers.
These filters allow you to narrow your search results to the best properties that suit your needs.
When you search for real estate deals on Foreclosure.com, you can view the results list-view or map-view. Mapping gives you a more visual experience, as you can see the distribution of properties across different geographical locations.
How Much Does Foreclosure.com Cost?
Foreclosure.com, their pricing model is designed to be straightforward and accessible, catering to a wide range of users from casual browsers to serious investors. The initial entry into this resource-rich world of real estate listings starts with a FREE 7-day preview. This trial period allows users to explore the full range of services and listings without any financial commitment or future obligations.
If you're diving into Foreclosure.com to scout for that perfect property deal, this trial period could be an invaluable window. The best part? If you choose not to continue beyond these seven days, there's absolutely no cost involved. Simply cancel within this period, and you won't incur any charges.
For those who find Foreclosure.com's offerings align with their real estate needs and decide to continue, the subscription seamlessly transitions into a paid model. Subscription is priced at $9.95 per week or billed monthly at $39.80. To put this into perspective, it's an investment less than the cost of a tank of gas but with the potential to save thousands in the real estate market. This subscription grants continued access to an extensive database of properties and saves considerable time and effort compared to traditional property searching methods.
Importantly, the flexibility of the subscription is a key feature. Users can cancel at any time, ensuring that they are not locked into long-term financial commitments.
Use our link for your FREE seven-day trial of Foreclosure.com!
How Does It Stack Up Against Competitors?
With many real estate solutions on the market, it might be challenging to make an informed decision that meets your needs. To help you, let's see how Foreclosure.com compares to some competitors.
Foreclosure.com vs. RealtyTrac
RealtyTrac provides an updated database of foreclosures, bank-owned properties, MLS listings, auctions, and short sales. Like Foreclosure.com, this platform offers a seven-day free trial and costs $49.95 per month.
On RealtyTrac, you'll find detailed information about properties on several listings, including information about security, environmental risks, and purchase and property taxes history. While this is great, you'd find more comprehensive coverage of properties, such as short sale listings, on Foreclosure.com.
Foreclosure.com vs. Auction.com
Auction.com covers a wide service area, which means you have access to many options for your real estate investments. However, some users say the properties listed on the site are overpriced, and some dislike Auction.com's bidding feature. Users can get started with a free account.
Foreclosure.com vs. Currentforeclosures.com
Currentforeclosures.com helps you to discover discounted real estate options, typically 10% or less. Compared to Foreclosure.com, it has fewer listings, and some users have reservations about the quality and information on the site. The subscription costs about $97.
Foreclosure.com vs. Hubzu
Founded in 2019, Hubzu serves as an end-to-end marketplace for real estate opportunities. This app helps real estate professionals handle every aspect of the transaction, from an onsite property survey to the deal's closure with the required paper documents.
Buyers on Hubzu pay a $299 technology fee and a “buyer's premium”, ranging from $625 to 5% of the home's value.
Interested investors and salespersons can discover properties on the app and manage bids for those properties easily. In addition, they assist the user. A motivated seller or their agent can even list the property on Hubzu.com for an auction marketplace.
While this is great, the app has a few shortcomings. For example, the auction and bidding process on the application is quite complex, leading to a poor customer experience for users.
Foreclosure.com Software Frequently Asked Questions (FAQs)
After reading this Foreclosure.com review and you’re still wondering whether it’s the right option for you, let's look at some of the most common questions other real estate professionals ask about this popular software.
Is Foreclosure.com Legit?
Foreclosure.com is indeed a legitimate website, providing a comprehensive database of foreclosure listings. This assertion is supported by several key indicators:
- Trustpilot Rating: On Trustpilot, a well-known review platform, Foreclosure.com maintains an average rating of 3 stars. While this rating indicates room for improvement, it also reflects a level of user satisfaction and credibility.
- Better Business Bureau (BBB) Rating: Foreclosure.com has earned an A+ rating from the Better Business Bureau, a reputable organization that evaluates businesses based on trustworthiness and ethical business practices. An A+ rating is a strong indicator of a legitimate and reliable business.
- User Testimonials and Reviews: Apart from these ratings, user reviews and testimonials can also provide insights into the site's legitimacy and effectiveness. Users often share their experiences regarding the accuracy of listings, ease of use, and customer service quality.
- Consistency in Listing Updates: The website's commitment to providing fresh, daily updates from various sources also contributes to its legitimacy. This regular updating process ensures that users have access to the latest information in the foreclosure market.
What Types Of Properties Are In Foreclosure.com's Database?
Foreclosure.com stands out for its extensive and diverse property database, catering to a wide range of needs within the foreclosure market. Here's a breakdown of the types of properties you can expect to find in their database:
- Preforeclosures: These are properties in the initial stages of the foreclosure process. The owners are typically behind on mortgage payments, and the properties are on the verge of being repossessed.
- Foreclosure Auction Properties: These properties are auctioned off to the highest bidder, often at public auctions. They offer potential for significant bargains but may also come with certain risks and uncertainties.
- Bankruptcies: Properties listed under this category are tied to bankruptcy filings. They can vary widely in terms of type and condition.
- REOs (Real Estate Owned): These are properties that have been repossessed by lenders after an unsuccessful foreclosure auction. REOs are usually sold directly by the bank or through real estate agents.
- Government Agency Properties: Foreclosure.com includes listings from HUD (Housing and Urban Development), VA (Veterans Affairs), Fannie Mae, and other government agencies. These properties are often sold at lower prices to promote homeownership.
- Corporate Sellers: The database also features properties from over 100 corporate sellers, broadening the spectrum of available listings.
The strength of Foreclosure.com lies in the freshness and directness of its data. The platform updates its listings daily, sourcing directly from the aforementioned categories. This ensures that users have access to the most current and first-hand information available.
Furthermore, the data is meticulously compiled and organized to make searching as effortless as possible. Foreclosure.com prides itself on offering the largest database of its kind on the web, making it a powerful tool for anyone looking to explore the foreclosure market. Whether you're a first-time homebuyer, an investor, or a real estate professional, the diversity and depth of Foreclosure.com's database provide a valuable resource for exploring a wide range of property options.
What Are Foreclosure Listings?
As the name implies, foreclosure listings are curated lists of real estate properties undergoing foreclosure or repossession due to the owner’s inability to meet their payment obligations, typically associated with loans from banks, lenders, or government agencies.
These properties become part of free foreclosure listings when the lender or federal entity seeks to recover the unpaid debt by reclaiming the property. Since the foreclosing parties are only interested in recouping the unpaid portion of the debt, they often use two primary approaches to sell the property. They collaborate with professional real estate agents to sell the foreclosed properties or arrange auctions where seasoned bidders purchase foreclosure properties.
However, before a foreclosed property is sold, many states mandate a redemption period, offering the previous owner a chance to reclaim their property by buying it back. The duration of this grace period varies considerably from state to state, often spanning from six months to two years, based on factors like loan terms and outstanding debt.
What Are Pre-Foreclosure Listings?
Preforeclosure listings feature properties that are in the early stages of foreclosure. Typically, during the period after the homeowner first defaults on their mortgage payments, but the bank, lender, or government agency has yet to take foreclosing action.
In other words, the defaulting property owner still legally owns the property and can avoid complete foreclosure, either by catching up on the overdue payment, negotiating a loan modification, refinancing, or selling the property. If they fail to address the issue, the property is eventually foreclosed, and ownership is transferred to the lender or sold at an auction.
Note that an official Pre Foreclosure period begins when the bank/lender/government notifies the property owner of their delinquency. The notification is often sent three months after the property owner defaults on their payments and includes the missed payment details and the consequences or penalties of not keeping up. After the initial notification, the borrower usually gets another three-month window to catch up with their missed payments, failure to which the property goes into foreclosure.
Preforeclosure listings are often made available to potential buyers interested in purchasing before the property goes to auction or becomes a lender-owned asset. If you’re interested in investing in Pre Foreclosure properties, you must contact the homeowner directly with your offer.
Unfortunately, Foreclosure.com doesn’t list the homeowner’s contact information. On the bright side, the site does provide basic property details such as the address, making it easier to find the owner’s data.
What Are Short Sale Listings?
Short sale listings often feature properties, which similar to preforeclosure, are being sold because the owner/borrower is unable to clear their debt or keep up with mortgage payments due to financial hardship. However, a distinctive feature of short-sale properties is that the sale price is often expected to be less than the total amount owed on the mortgage against the properties.
The homeowner often works with the lender to sell the property. Lenders usually agree to accept the proceeds from the sale as full satisfaction of the debt, even though it may not cover the entire loan balance. Despite the loss, most lenders agree to this arrangement as an alternative to foreclosure because the latter is lengthy and costly.
Short sale listings are an opportunity for real estate investors, particularly rehabbers and wholesalers, to purchase profitable prices at a cost lower than the current market value. However, such listings come with particular challenges, such as the sale being subject to the approval of the lender involved.
Short sale listings on Foreclosure.com will often feature the listing agent’s contact information. Leverage this information to find out whether the lender has approved the short sale before you invest any interest in it.
How Do You Start Using Foreclosure.com?
Getting started with Foreclosure.com is a seamless process, designed to quickly integrate you into the world of foreclosure property searching. Here's how you can begin utilizing the platform:
- Sign Up for the 7-Day Preview: The first step is to sign up for the 7-Day Preview subscription. This trial offers full access to Foreclosure.com's extensive national database of foreclosure properties. To start, you can easily find a "Preview" link at the top of each page on their website.
- Explore Properties Using Various Tools: Once on the Foreclosure.com website, you have multiple options to search for properties. You can utilize the "Zip Search" box to find foreclosures in specific postal code areas, use the "Select a State" dropdown menu for statewide searches, or click on the interactive U.S. map to explore properties in different regions.
- Access Detailed Property Information: Many listings on Foreclosure.com include comprehensive details like tax roll information and photographs, giving you a clearer picture of the property before proceeding further.
- No Cost or Obligation for the Trial: If you decide that Foreclosure.com doesn’t meet your needs, you can cancel the preview within seven days without any additional charge. This trial period is entirely free, with no obligation to continue.
- Affordable Subscription Post-Trial: Should you find the platform useful and wish to continue beyond the trial, the cost is quite affordable at $39.80 per month, which equates to $9.95 per week – less than the price of a few gourmet coffees.
- Easy Access and Cancellation Policy: During your 7-Day Preview, and afterward if you choose to subscribe, you can access your account by clicking “Login” at the top of each page. Foreclosure.com also offers the flexibility to cancel your subscription at any time, ensuring you’re not locked into a long-term commitment.
How Do I Cancel My Foreclosure.com Account?
Canceling your account on Foreclosure.com is a straightforward process, but there are several considerations to keep in mind before you proceed with the cancellation.
Foreclosure.com offers a unique 7-Day Preview, which is a one-time opportunity for users to explore the platform and its offerings. It's important to note that this preview period is only available once. Therefore, it's recommended to make the most of this trial by thoroughly searching the site, especially considering that Foreclosure.com updates its listings several times each day. The property that perfectly fits your criteria might just be around the corner.
The site offers a wealth of opportunities, often listing homes at 30 to 50 percent below market value. Additionally, it provides access to valuable resources such as state-specific laws, educational articles, and step-by-step guides tailored for first-time buyers, especially those interested in purchasing foreclosures. These resources are designed to assist you in making well-informed investment decisions.
If, after considering these factors, you decide to cancel your account, you can do so easily. The specific steps to cancel your account typically involve logging into your Foreclosure.com account, navigating to the account settings or subscription section, and following the prompts for cancellation. As with most online services, it's advisable to read through the cancellation policy to understand any terms that might apply, such as notice periods or final billing cycles.
Click here if you're sure that you want to cancel your account.
Is Foreclosure.com Worth It?
Foreclosure.com stands out as a valuable resource for real estate investors, especially those just starting their journey in the field. Its extensive database of over 1.8 million listings, including foreclosures, pre-foreclosures, short sales, bankruptcy, and rent-to-own properties, offers a wealth of opportunities for diverse investment strategies.
The platform’s user-friendly interface, comprehensive property details, and the ability to filter search results cater to the needs of various investors – from wholesalers and house flippers to rental property investors and first-time homebuyers. While it does have some drawbacks, such as the occasional inaccuracies in listing data and a somewhat problematic mapping tool, the pros of using Foreclosure.com generally outweigh these issues.
Investing in real estate, particularly in distressed properties, requires thorough research and due diligence. Platforms like Foreclosure.com simplify this process by providing essential information at your fingertips.
However, it's crucial to remember the importance of conducting your own research and possibly consulting with real estate professionals to make informed decisions.Are you ready to dive into the world of real estate investing, specifically in wholesaling and house flipping?
Our free training course offers a comprehensive guide to get you started. This course is designed to equip you with the necessary skills and knowledge to navigate the real estate market confidently. Whether you're a beginner or looking to sharpen your skills, our training provides valuable insights and strategies to help you succeed. Don't miss this opportunity to transform your real estate investment journey.
*Disclosure: Real Estate Skills is not responsible for the information provided by Foreclosure.com or on its respective website. Foreclosure.com is an independent company which provides real estate services to investors. Real Estate Skills trains on using Foreclosure.com and the benefits of using the service but is not responsible for the content it provides.