13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Louisiana (Free & Paid Methods)
This article is your roadmap to scoring foreclosure and pre-foreclosure properties for investment.
You’ll learn 13 different ways to find them. Some of them are based on networking, and others simply require some time spent online.
I’m Bob Vieira, the owner of Universal Short Sales—a short sale processor company whose growth is the fastest in the industry nationwide.
Ready to learn? Let’s go.
PropTech Platforms
Real Estate Bees
Real Estate Bees (REB) is an online platform designed for industry professionals looking to take their real estate business to the next level. It provides access to robust tech stack, statistical data, comprehensive informational resources, and much more.
This includes pre-foreclosure and REO leads for real estate agents, investors, and wholesalers. All the leads are strictly generated via inbound marketing channels unlike data scraping, aggregation, and other outbound methods used by most other platforms.
Delinquent property owners from all over the US utilize the REB platform to find reputable home-buying companies in Louisiana who’d be interested in acquiring their distressed property — so they are highly motivated.
As a user of the platform, you can get access to these distressed properties, submitted by other industry professionals, absolutely FREE! You simply need to sign up to DealAlert, which is an advanced, yet free, property matching engine developed by Real Estate Bees.
In addition, you can also access distressed properties, submitted directly by property owners, by purchasing motivated seller leads through our advanced Lead Marketplace.
Other Platforms
Besides Real Estate Bees, a plethora of real estate investor tools and real estate investor lead sources exist in the market.
Numerous tools within the following collection specialize in providing leads for distressed properties, covering both pre-foreclosures and homes that have undergone repossession.
The majority of these tools seamlessly connect to widely used real estate investor CRM software.
Real Estate Bees conducted an in-depth research analyzing the best apps for wholesale real estate and investment properties.
Highlighted below are tools adept at identifying foreclosed homes and various types of motivated sellers:
While not specializing in REO real estate, the following tools can aid in locating pre-foreclosure properties:
There are lists you can buy of people who are delinquent on their mortgages based on their credit report details.
If you can market to those just a few months behind, you can get some great deals that never get to the pre-foreclosure status with the lender.
These lists are not free, but they come from accessible public data.
Foreclosure.com
Foreclosure.com distinguishes itself as one of the leading REO search engines. You can use it to find foreclosed properties and pre-foreclosures.
It holds a significant level of popularity and is quite mainstream, likely already familiar to many of you. You can buy a subscription for as little as $40.
There are two standout aspects that I appreciate about this platform. Firstly, it boasts exceptional user-friendliness.
The simple and convenient interface proves especially advantageous for users who may not possess advanced technical skills.
Secondly, Foreclosure.com stands out due to its map of listings. This tool allows users to search foreclosures by address. It presents a comprehensive list of leads in every state in the United States.
By clicking on each state link, users can access all the necessary foreclosure data. Overall, the platform makes finding foreclosures online almost effortless.
Where else to find cheap foreclosed homes for sale? There is one more prominent online marketplace. Read on.
Comprehensive in its listings, this site covers every stage of the foreclosure process, from pre-foreclosure to bank-owned properties, offering variety and depth.
Auction.com
Auction.com stands tall as the largest real estate auction platform nationwide. This makes it a prime destination among the best places to find foreclosures and property short sale deals.
It actually offers many other property types, including non-real estate.
A notable advantage of Auction.com is its absence of monthly membership fees. This solidifies its position among the best websites to find foreclosures.
The platform operates on a bidding system where, upon winning a bid, a buyer’s premium is payable to Auction.com. This constitutes their revenue model.
Note that while buying a property through an auction, you may have no ability to go over your property investment due diligence checklist.
So if you are a beginner investor, I don’t advise you to start your foreclosure investing with purchasing homes at an auction.
You don’t want to buy a cheap house only to discover that the repair will be too expensive to make a profit.
Specializing in distressed properties, it provides a diverse range of real estate opportunities ready for auction, catering to various investor needs.
Zillow
The foremost brand in our discussion regarding how to look up foreclosures is Zillow—an internationally recognized company with an impressive reputation among investors, realtors, and homeowners.
Zillow is mostly used by homeowners selling their own properties and people buying them for themselves.
However, it also works for finding properties to wholesale or getting a foreclosed home to flip. There are many interesting deals among the Louisiana real estate properties for sale on Zillow.
What truly captivates me about Zillow is its remarkable user-friendliness. Upon accessing the platform, simply write the desired city or county, then effortlessly filter your search.
You can navigate by selecting “foreclosures” from the dropdown menu or explore pre-foreclosures. Additionally, Zillow allows searches based on auctions.
After figuring out how to find foreclosures in Louisiana on Zillow, you can also try searching for them on MLS, which is what our next section is about.
Louisiana Multiple Listing Services (MLS)
The MLS stands out as a remarkable pathway for you to get REO listings, especially if you have a real estate license.
Each Louisiana multiple listing service possesses its distinct interface and operational approach.
Nevertheless, regardless of the specific multiple listing service utilized, users can effectively fine-tune their searches to uncover local foreclosures and pre-foreclosure listings.
While interfaces may differ, the standard process involves using the “My Search” tab.
Although the appearance of this tab varies across different MLS platforms, users generally access a dropdown menu upon selecting it.
To search foreclosures, opt for categories like foreclosures, pre-foreclosures, or short sales.
To narrow down results, specify your search parameters. For instance, if you’re seeking single-family houses for sale in Louisiana with four or more bedrooms, tailor your search accordingly.
To find foreclosures on MLS even if you don’t have a real estate license, you can use limited services of a local real estate agent.
As the primary database for real estate professionals, it ensures listings are vetted and legitimate, offering a broad and trustworthy range of properties.
Louisiana Real Estate Wholesalers
A popular pathway to look for foreclosed homes involves buying deals from a Louisiana property wholesaler.
These experts specialize in finding deals specially for real estate investors in Louisiana by identifying distressed home sellers, including people with foreclosure notices.
Wholesalers handle all the searching and negotiation tasks on their behalf, so when you find wholesale homes, you also get most of the hassle a transaction involves done for you.
First, a wholesaler gets a property under a contract. They act like they want to buy the house themselves.
Having their name in the contract as the buyer grants them the legal right to transfer the agreement, i.e., their stake in the property, to you as the investor, for a fee. This is called contract assignment.
Therefore, a real estate wholesaler engages in wholesaling the property without completing the purchase or closing the deal themselves.
Consider this scenario: as a wholesaler, I secure a property under contract for $100,000.
Knowing I could sell it to an investor for, let’s say, $115,000, I proceed to sign a contract with the distressed home seller for $100,000.
Subsequently, I assign my rights in the contract, i.e., my equitable interest, to you as the buyer for $115,000. As a result, I get an assignment fee of $15,000, which is my profit.
To delve deeper into this strategy, explore the guide on getting started in wholesaling real estate.
You can also familiarize yourself with the particular laws and regulations that oversee wholesaling houses in Louisiana.
Wholesalers have the capability to get a list of foreclosures in your area. They consistently get motivated sellers on autopilot and often have a selection of deals for you to choose from.
Many investors who chose flipping houses as a career will confirm that wholesalers should be among the most important contacts on your list of essential vendors when establishing professional connections to find cheap properties to flip.
Louisiana Real Estate Agents
REO agents offer a valuable resource for you to get a foreclosed homes list.
In the realm of real estate, REO (Real Estate-Owned) denotes a property repossessed by a bank subsequent to finalizing the foreclosure proceedings and reclaiming it from the homeowner.
It’s essential to understand that banks focus on loans rather than real estate sales. They are almost as motivated to sell their REO houses fast and for cash as distressed homeowners.
Once a property undergoes foreclosure, it is handed over to a listing agent, often referred to as an REO agent.
Usually, a realtor in Louisiana is marketing multiple REO properties at the same time, similarly to a wholesaler. These properties primarily attract the attention of investors.
Cultivating a relationship with an REO investor-friendly realtor in Louisiana can significantly help you find REO properties.
To find an REO agent, use REO property search on websites like Zillow. Once you see an REO property, you can contact an agent and ask if they have more and if they are willing to work with you on a regular basis.
Real estate agents often have first-hand knowledge of new listings and foreclosures, and immediate access to listings as they hit the market.
Also, they have established networks that inform them about upcoming foreclosures before they’re even listed.
As a real estate agent, my relationships with other agents, investors, wholesalers, lenders, and business reach allow me to have some insight into foreclosures—many times before they hit the market.
Louisiana Foreclosure Attorneys
Louisiana foreclosure lawyers are legal experts whose main role is shielding lenders from potential litigation risks and legal repercussions.
It happens that Louisiana real estate lending companies get entangled in legal disputes with homeowners.
Establishing robust partnerships with foreclosure attorneys involves understanding how your business acumen can bring value to their practice. For example, can you offer them referrals?
If not, think of other ways you can be useful.
In exchange, have the foreclosure attorneys and short sale attorneys in Louisiana help you find repossessed houses for sale by referring their clients and their deals to you.
Louisiana Short Sale Processors
For real estate investors seeking pre-foreclosure opportunities, establishing a robust partnership with short sale processors in Louisiana is pivotal.
One of these professionals will oversee and facilitate the entire short selling process that can otherwise last for months or even more than a year, if handled unprofessionally.
Building a relationship with a dependable short sale processor is immensely advantageous for investors.
In addition to optimizing the process of buying a short sale, these experts can also act as a direct channel for potential deals.
From the legal point of view, processors provide services to homeowners, often for free (making money by charging the buyer). Here’s an overview of what a short sale negotiator does for the seller.
However, they can indirectly serve you as well by forwarding you leads and helping you buy a short sale home.
At a fee, you can become an owner of a distressed property with good investment potential and that other investors don’t bother to take on because they think they’ll need to carry out a long and complex procedure.
Louisiana Real Estate Lenders
Wondering how to get foreclosure listings from banks without intermediaries? Directly contacting lenders stands out as one of the most beneficial yet underutilized methods.
Initiating contact doesn’t pose any harm. Consider it this way: the worst response you might receive is a simple ‘no’.
Connect with a range of banks and introduce yourself, expressing your interest in finding distressed properties for a cash purchase. Inquire about obtaining a list of foreclosed homes.
After a bank completes a foreclosure on a property, its chief objective is rapid divestment. Their focus lies in selling the property, eliminating it from their financial records. So, you may be the one they are actually looking for.
Smaller banks are often the best candidates to approach for repossessed properties.
They can be highly responsive as it’s relatively easy to converse with decision-makers, say a union manager, there.
By making these efforts and reaching out to these banks, you might eventually compile a good list of repo homes to choose from to buy or to wholesale them all.
Louisiana Courthouses
When looking for where to find foreclosed houses, only a handful of investors opt for the local county courthouse.
This strategy to find leads for wholesale real estate is seen as more time-consuming but also offers a decreased level of competition.
To get a list of foreclosures from the courthouse, you need to find your local county recording office. It can be named differently in various counties.
Subsequently, you’ll want to compile a list of lis pendens. It is a legal notice that arises when an individual defaults on their mortgage.
This judgment alerts others about the homeowner’s payment delinquency, with the loan servicers in Louisiana claiming a first lien position on the property.
Likewise, you have the option to find properties with unpaid taxes that are on the verge of heading to a sheriff auction sale.
When you get a list of foreclosures from the courthouse, you may come across outdated owner contacts. This may require further research, a process known as real estate skip tracing.
Employing one of the best skip tracing software for real estate investors will aid in rapidly finding motivated home sellers, including their contact information and even social media profiles.
Now, here is another, easier, way to find foreclosures in your area for free. Keep reading.
Direct access to foreclosures as they happen. By examining county and court documents, you get timely and accurate insights into properties entering the foreclosure process.
In Louisiana, real estate investors can access public records to look for foreclosed/pre-foreclosed properties primarily through the Parish Clerk of Court’s office in the respective parish where the property is located:
1. Parish Clerk of Court’s Office: Every parish in Louisiana has a Clerk of Court’s office, which maintains and archives all property records, including foreclosure filings. Visit the office in person or access its online portal if available.
2. Search by specific criteria: At the Clerk’s office or online platform, you can usually search by various criteria like owner name, property address, or type of document (e.g., “Notice of Default” or “Foreclosure”).
3. Regular visits/checks: Given the dynamic nature of the real estate market, it’s beneficial to check these records regularly to stay updated on new foreclosures.
4. Reading legal notices: Local newspapers often carry legal notices, including foreclosure announcements. This traditional method can sometimes lead to discovering properties before they attract wider attention.
Why searching public records is beneficial:
1. Direct information: Public records provide firsthand, unfiltered information from the source, ensuring accuracy.
2. Early access: By monitoring public records, investors can discover potential deals before they’re widely advertised, reducing competition.
3. Cost-effective: Searching through public records is generally free or involves minimal fees.
Possible drawbacks:
1. Time-consuming: Manually scouring through public records, especially without online access, can be time-intensive.
2. Not always updated: Depending on the efficiency of the parish’s record-keeping, there may be delays in updating the latest foreclosure statuses.
3. Requires due diligence: Public records provide raw data. The investor must verify the information, evaluate the property’s condition, and ascertain its value.
Bank Websites
Visiting a bank’s website is a fantastic method to find out about foreclosures online.
However, not every bank operates a comprehensive website that allows easy access to numerous foreclosure lists or offers a free search for bank-owned repossessed homes for sale.
Usually, major mortgage servicers such as Bank of America or Wells Fargo are the entities to seek out in this context.
Many of these major servicers maintain well-organized websites where you can navigate to a specific tab or section showcasing a list of foreclosures. This will enable you to find bank-owned properties for free.
Once there, you can manually research the bank foreclosures in Louisiana from their provided list.
Finally, here’s my last tip on this list about how to find and buy foreclosed homes.
HUD Foreclosures
Here’s an alternative approach you can utilize for finding foreclosed homes for sale for free without heavy marketing expenses.
This is particularly advantageous when you intend to start a property flipping business.
A significant portion of listings featuring foreclosed properties commonly originate from government-backed HUD mortgages.
Through hudhomestore.gov, you can conduct searches tailored to your specific property preferences.
Once on the homepage, within the central section, there’s a feature that allows you to search HUD foreclosures based on your desired property types.
Your foreclosed home search will also involve filtering the results by county, zip code, city, state, and other parameters.
Moreover, it provides a distinct tab for refined searches. This allows you to find HUD-foreclosed homes by bedrooms and bathrooms, enhancing the precision of your search efforts.
That’s how you find motivated seller leads for free when you need a foreclosure deal.
Managed by the U.S. government, this platform lists properties with previously FHA-insured mortgages, ensuring a structured, transparent buying process.
Survey of Industry Experts
Which of the following resources do you use to find foreclosed and pre-foreclosed properties in Louisiana?
Which of the following real estate professionals can be the best source of foreclosure deals for an investor in Louisiana?
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the founder and owner of Universal Short Sales, recognized as the country’s fastest-growing short sale processing company.
Compiling all my expertise in short sales and pre-foreclosures, I’ve created the Pre-Foreclosure Fast Lane course, available for free. This course is structured into three phases:
- Short Sale and Pre-foreclosure Fundamentals
- Lead Generation
- Monetization Strategies for Pre-Foreclosures and Short Sales
Additionally, I’m sharing my company’s comprehensive 12-step system, providing a detailed walkthrough on completing short sales.
This resource is entirely complimentary, a token of appreciation from me to you. Enjoy the benefits it brings!
What Is the Primary Pitfall to Watch Out for When Investing in Foreclosures in Louisiana?
The primary pitfall to watch out for when investing in foreclosures in Louisiana is the state’s unique “redemption rights.”
Louisiana is among the states that grant homeowners a legal right to redeem their property after a foreclosure sale.
In Louisiana, the original homeowner has three years to redeem a property sold at a tax sale, which means they can reclaim their property by paying the investor the purchase price, plus a specified percentage of interest.
The property isn’t truly “yours” for an investor until that redemption period expires.
It’s crucial to be aware of this period because any improvements or renovations you make to the property can benefit the original homeowner if they choose to redeem.
Many investors overshoot the mark when it comes to their budget for renovation and the after repair value.
These numbers are so crucial because they guide the max amount you should pay for the property.
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About the author
Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. Bob is an industry expert with a passion for guiding homeowners through the short sale process.