13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Montana (Free & Paid Methods)
Within this comprehensive guide, you’ll uncover the secrets to spotting foreclosure and pre-foreclosure investment deals.
We’ll dive into 13 techniques of various types: online research, buying leads or access to lead sources, networking, and offline strategies.
I’m Bob Vieira, the founder of Universal Short Sales, a swiftly growing company specializing in short sale processing, working nationwide.
Now, let’s embark on this journey together.
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 investor home buyers in Montana 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 distressed seller leads through our advanced lead marketplace.
Other Platforms
Real Estate Bees isn’t the only property investment software available for this purpose.
Numerous other real estate investing lead generation software platforms offer avenues to explore distressed property leads.
Many of these tools seamlessly integrate with prevalent real estate investor relations CRM systems.
The best real estate wholesaling software tools that can assist you in identifying foreclosed homes, pre-foreclosures, and various other types of motivated sellers include:
The following tools may not offer REO home deals, but they still provide users with pre-foreclosure properties:
Foreclosure.com
For those aiming to find foreclosed properties and pre-foreclosed houses, Foreclosure.com stands as one of the leading REO search engines.
It is widely recognized and commonly known within the real estate industry, and I assume its name may sound familiar to you.
The website is paid. The most common subscription plan hovers around $40 per month.
Foreclosure.com prides itself on an exceptionally user-friendly interface. You have immediate access to an extensive list of leads after buying a membership package.
The site’s navigation is incredibly intuitive, catering even to those less tech-savvy.
Another noteworthy aspect I admire is Foreclosure.com’s map functionality that allows you to search foreclosures by address in all of the US states.
Its user-friendly design and meticulous organization make it an invaluable resource for anyone whose goal is finding foreclosures online.
Now, let’s shift our focus to another digital platform where to find cheap foreclosed homes for sale.
Auction.com
Another one of the best places to find foreclosures is Auction.com, the largest auction site for shopping real estate.
Beyond foreclosures and short sale deals, Auction.com offers an array of diverse assets, including personal property.
One advantageous aspect of Auction.com, distinguishing it as one of the best websites to find foreclosures, is its absence of paid packages requiring you to pay on a regular basis.
The way the site makes profit is having you pay a fee once your bid wins.
Note that buying a property at an auction shouldn’t be among the first methods a newbie investor tries.
Oftentimes, an auction won’t provide you the opportunity to conduct a comprehensive property investment due diligence checklist before you pay your money for a house.
A common mistake newbie investors make is buying a property only to find out it has a major problem that costs too much to repair.
But if you are an experienced professional, Auction.com may be a great resource for you.
Zillow
One of the first places that can come to your mind when thinking of how to look up foreclosures is Zillow.
Zillow has established an impressive reputation as a website for the general public to buy and sell real estate.
However, it’s also a nationally recognized platform that investors often leverage to find properties for wholesaling or flipping.
What stands out about Zillow when getting a foreclosed home is its remarkable user-friendliness.
Here is how to find foreclosures in Montana on Zillow: log in and, when browsing property for sale in Montana, specify the preferred city or county. Then, employ filters to refine your search.
You can easily select ‘foreclosures’, ‘pre-foreclosures’, or even search for properties sold at auctions.
Montana Multiple Listing Services (MLS)
Exploring REO listings through the MLS offers an exceptional avenue, contingent on possessing a real estate license (or a relationship with someone who has it) for MLS access.
To get REO listings on MLS without a license, enlisting a real estate agent becomes an alternative, albeit at an associated cost.
Some agents offer limited services which you can use without tying yourself with a standard buyers agent contract.
Montana MLS systems may have slight differences in the interface. But they all have a “My Search” tab with a dropdown menu where you can select foreclosures, pre-foreclosures, or short sales.
To find foreclosures on MLS according to your criteria, use the filters. For instance, if you need Montana homes boasting four bedrooms or more, narrow down your search accordingly.
Montana Real Estate Wholesalers
Real estate wholesalers in Montana look for foreclosed homes to offer good deals to Montana property investors.
These professionals handle the arduous tasks of property search and negotiation so you don’t have to. That is the reason why many investors prefer to find wholesale real estate deals.
Wholesalers are often regarded as real estate investors. However, technically, they aren’t.
A wholesaler gains equitable interest in a property by getting it under a purchase contract from a motivated home seller. They don’t close on it. Instead, they assign the contract to an investor at a fee.
This way, a wholesaler doesn’t invest their own money to make money (except for an earnest money deposit, which is refundable).
If you are a beginner in real estate investing, you may want to start with building up cash reserves by wholesaling properties rather than beginning a house flipping career or becoming a landlord right away.
Exploring resources for getting started in wholesaling real estate and acquainting yourself with regulations of wholesaling houses in Montana can provide further insights into this approach.
Wholesalers routinely carry out motivated seller lead generation so you can often get a list of foreclosures in your area from a local wholesaler.
With multiple properties under contract simultaneously, they efficiently serve clients seeking to find fix and flip properties or buy a new rental.
Montana Real Estate Agents
Networking with REO agents offers an excellent avenue for you to get a foreclosed homes list. REO, or ‘real estate-owned’, refers to properties that banks acquire through the foreclosure process.
When a bank repossesses a home, they are left with a real estate asset they want to liquidate ASAP. Banks primarily deal with loans and are not inclined towards managing or selling real estate.
Hence, post-foreclosure, banks assign these properties to listing agents, known as REO agents.
Montana real estate agents commonly handle multiple foreclosed real estate listings. In REO property search on various websites, you can see homes listed by them in the “foreclosures” section.
You can come directly to such an agent and ask them to show you foreclosures they are selling and send you new foreclosure deals if you buy them regularly.
Establishing a relationship with an investor-friendly realtor in Montana can be highly beneficial for you to find REO properties.
Realtors have their ear to the ground in their communities and have a good sense of the health of their market.
Realtors that specialize in foreclosure, pre-foreclosure, and short sales additionally have contacts, education, and information sources that other agents are not privy to or are aware of.
When looking for these types of properties, you want to locate THOSE agents as they are going to have the information and sites you are looking for.
Montana Foreclosure Attorneys
A Montana foreclosure lawyer is a legal professional protecting lenders in Montana from distressed homeowners’ lawsuits and vice versa.
Having a foreclosure attorney on your networking list is an asset that can help you find repossessed houses for sale.
Talk to local Montana short sale lawyers and foreclosure attorneys and ask them how you could possibly make their business easier.
Perhaps, you could exchange leads with them or help their clients get rid of foreclosed properties fast and easily?
Montana Short Sale Processors
If you specialize in pre-foreclosures, Montana short sale processors should be on your list as well.
Short sale processors are hired by distressed homeowners to carry out the whole short sale procedure for them. Interestingly, they normally serve homeowners for free and get paid by buyers.
Here are key insights into what a short sale negotiator does for the seller.
The short sale buying process is usually a complex and protracted procedure spanning several months for its completion.
Although a short sale processor legally serves and represents the seller, you benefit from their involvement speeding up and simplifying a short sale.
Another benefit is that a short sale processor in your network will send you short sale deals whenever they get a new client.
Montana Real Estate Lenders
When hunting for repo homes, your goal is to connect with a lender who will sell you one. You may not want to use intermediaries for this.
So, how to get REO listings from banks? Just research local banks and reach out.
Tell them you are pondering how to find distressed properties to buy fast and for cash. If they have repossessed properties, they will be glad you called.
The motivation for banks to part with foreclosed properties promptly is high, as they aim to divest themselves of these assets.
A noteworthy tip is to start with targeting smaller banks localized within your community.
Small lenders often prove to be fruitful sources for such listings, given the ease of communication with the right people within the institution.
Accessing credit union managers, for instance, is usually a matter of one or two calls.
Montana Courthouses
Not many investors try to find foreclosed houses through the local county courthouse. So, this is your chance to get low-competition deals.
To get wholesale real estate leads, you need to either visit the courthouse in person or online, if it has a website with search functionality.
Counties may feature their own iterations of this institution’s name, but ultimately, your goal is to locate the office where public records are stored — this is the go-to place for you to get a foreclosed homes list for free.
Your next step is to compile a list of notices of default. A notice of default is filed when an individual falls behind on mortgage payments.
This serves as a notice that the homeowner is struggling to meet their financial obligations, granting the Montana loan servicer a primary claim on the property in the form of a first lien position.
Similarly, for those keen to look up properties with tax liens nearing a sheriff auction sale, the courthouse is the prime source.
After you get a list of foreclosures from the courthouse, you may need to update the contact information for some of the owners via real estate skip tracing.
The best skip tracing services for real estate investors will swiftly help you find motivated sellers’ phone numbers, emails, and even social media profiles.
Next, here is another way to find foreclosures in your area for free.
Here in Montana, you will be going to the courthouse and perusing the public records for Notices of Default. This is going to be time-consuming.
If purchasing on the courthouse steps, you do not have an opportunity to actually view the property, other than the exterior, prior to the purchase.
You could be buying a property with significant issues that are not readily apparent or properties that are occupied and you now will be responsible for the eviction of the occupants.
In Montana, the eviction will not start until all of the occupants are personally served.
You can also use the library to access digital records of past newspapers to find the required noticing.
Another great resource are Montana title companies. Cultivate a relationship with your local title companies as they have a list of upcoming foreclosures.
Also, keep in mind there are also Sheriff Sales, which are different from your typical Judicial/Non-Judicial foreclosures, so you have to reach out to them for their list.
Bank Websites
You can find out about foreclosures by visiting banks’ websites. Some of them have free search showing you bank-owned repossessed homes for sale.
While larger mortgage servicers, such as Bank of America or Wells Fargo, are more likely to offer you a selection of options in your target location, you should still monitor smaller local banks, too.
Major players tend to boast well-organized websites where users can seamlessly navigate to a dedicated tab featuring a list of foreclosures and use filters to refine the search.
Upon locating the designated tab and choosing your location, you may see a few bank foreclosures in Montana — a convenient way to find bank-owned properties for free
Following is the last tip on finding foreclosed homes.
Check the bank websites. They generally have an REO section where they will post their foreclosure properties that are for sale.
HUD Foreclosures
Here’s another method of finding foreclosed homes for sale for free without hefty marketing expenses, especially if you’ve just become a home flipper.
A substantial portion of real estate foreclosures available consists of government-backed mortgages from HUD.
The fantastic news is that you can conveniently access HUD’s repository of properties on their website at hudhomestore.gov.
Upon entering the site, navigate to the center of the page, where you’ll find a feature enabling you to search HUD foreclosures based on your specific property criteria.
Your foreclosed home search on HUD’s website can be tailored by various parameters such as county, zip code, city, state, and more.
They even provide a dedicated tab for refining your search based on the number of bedrooms and bathrooms, offering a highly precise and targeted exploration to find HUD foreclosed homes.
Additionally to the ways to find motivated seller leads for free described above, I have another free resource to offer.
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the creator and owner of Universal Short Sales, a swiftly growing company specializing in short sale processing.
I’ve gathered my wealth of knowledge and experience in short sales and pre-foreclosures, presenting it for you in my newest resource — the Pre-Foreclosure Fast Lane course.
This extensive course is organized into three distinct phases:
- Short Sale and Pre-foreclosure Fundamentals
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- How to Monetize Pre-Foreclosures and Short Sales
Additionally, I generously share my 12-step system, providing detailed, step-by-step guidance on how we execute short sales in our company.
This invaluable resource comes at no cost — it’s my way of offering a gift to you. Enjoy the course!
What Is the Primary Pitfall to Watch Out for When Investing in Foreclosures in Montana?
Many of the other sites are posting properties that may or may not be foreclosures.
They may have been served a Notice of Default, which is not an actual foreclosure until it hits the courthouse steps. That is a pre-foreclosure and can be redeemed up to the day of the foreclosure sale.
Also, many of those sites do not update their information. You could be looking at a property that sold 3 years ago, or a property that the owners brought themselves current.
The information is often not accurate and you will spend a lot of research time trying to determine which ones are true.
The same goes for buying them on online auction sites.
You don’t know what you are actually buying. In addition, many of the online bid sites charge a “Buyer Fee” on top of the amount you pay.
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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.