Sources for Finding Affordable Homes

By GOBankingRates Staff August 18, 2009 Real Estate Investing 101

Finding and successfully purchasing an affordable home is the biggest shopping thrill possible since you know you’re getting a great deal. However, finding an affordable home in a good area of town is hard to come by, so it takes a lot of ingenuity and dedication to search for good home bargains.

Some places where you can find listings for affordable homes are:

The U.S. Department of Housing and Urban Development
The Multiple Listing Service (MLS) for your area
Check directly on mortgage provider sites (i.e.Bank of America) and get free listing information on their bank foreclosed properties
Utilize a real estate broker who specializes in probate real estate or REO property sales
Find home auctions through the IRS
Locate home auctions through the USA Government website
Speak with the county office about the purchase area you are interested in for tax foreclosure listings
Check the local area newspaper tax foreclosure listings

Clearly there are many sources for finding great home deals. Although the quest may seem like finding a needle in a haystack, there are many housing bargains to be had in this current economy. It is also imperative that you take the time to research low interest mortgage rates, since this is the time to purchase the American dream!