Foreclosure World

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Foreclosure World (click here for their website) is a large and well-established search site for foreclosures. There are typically around 30,000 foreclosures listed on the site at any one time, but you have to pay a fee to use the service, which isn't clear from the first few pages of the website.

To enter the site, you must register using your name and email address and your daytime and evening phone numbers. This entitles you to a free online search for foreclosure properties as a taster of full membership. However, you must pass through several advertising pages to reach the search page and you must also agree to a phone call from the company to discuss full membership.

Although the listings offered by Foreclosure World are extensive, some people find this registering process intrusive. If you don't want to receive phone calls offering free seminars and other services, stop here and try another site. Unfortunately, it seems to be a feature of the foreclosure business that everyone has something to sell!

Membership of Foreclosure World costs around $400 per year, which entitles you to full access to the weekly listings. You can apply and pay online on a secure web page. You can search for properties anywhere in the country and the listings include real estate information, prices and contact details for the agency offering the property. Most of the foreclosures on offer are REO's sold through private banks, so the site is less useful for people who are interested in auctions or pre-foreclosures.

Once you get through the hard sell and sign up as a member, Foreclosure World can be a useful addition to the foreclosure buyer's armoury. However, bear in mind that you can find REO's without paying a subscription fee by approaching private real estate brokers and government agencies directly.

If you prefer to know what you are getting before you put your money on the line, Hudworks (http://www.hudworks.com) offers a trial free search without the need to register, or a 3-day trial membership for $9.98.

Alternatively there are free listings of VA foreclosures (basically REO's) on the website of the Ocwen Financial Corporation (http://www.ocwen.com) and free listings of HUD foreclosures on the HUD website (http://www.hud.gov).