Search for foreclosure homes, including REO properties and bank owned houses here! The three terms mean essentially the same thing, houses that have finished the foreclosure process that are now for sale. Read Foreclosure Terms Explained.
Don't believe the horror stories, many foreclosure homes are in good condition, especially many of the Fannie Mae foreclosures (ask me I'll send you a list of these). In some cases they may even have new carpet and new paint.
Foreclosures are much different than short sales. Unlike short sales, foreclosures are easy to buy.
You don't need special financing either, you can use any loan program or lender that you want.
Foreclosure homes are in great demand. When they are priced low it's not unusual for them to receive multiple offers so if you're thinking about buying a bank owned home you'll have to move fast. Banks will not look at your offer without a lender letter. Prequalify online now.
If you are a fire fighter, law-enforcement officer, teacher or EMT (emergency medical technician), you may qualify for HUD's Good Neighbor Next Door Program:
Foreclosures still make up a significant part of the Albuquerque real estate market as this chart shows:
Another important thing to understand is that Bank owned homes are already priced at a discount and making low ball offers usually does not work. Most likely you will just get outbid. Even if the property is overpriced, if you make a lowball offer the bank will just wait for the next one. Or they'll wait a couple of weeks and reduce the price once they finally realize the price is loo high. How do you know if they are priced well, how much should you offer and what should you expect? Just ask me, your Albuquerque real estate advisor.
Search Albuquerque foreclosures by price range here. Use these buttons to start your search, then you can refine from there.
Find bank owned homes from around the metro area.