Hudworks (click here for their website) is one of the leading websites for bank and government foreclosures. Once you register to use the service, you can browse through thousands of foreclosures offered by private banks, the Department of Veterans Affairs (VA), the US Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac.
The site is clearly laid out and easy to use and there is little of the junk mail advertising that you find on many competing foreclosure sites. The way the site works is simple. You can perform a trial search for free, which allows you to see basic listings and get a feel for how much property is available in the area where you want to buy.
To view the details on any given property, you must register with Hudworks. There are three membership options. You can pay $9.98 for a three day trial or opt for full membership which costs $68.98 per month or $188.98 for 180 days. Cancelling is easy and there is no need to sign up for a 'free' foreclosure seminar or any other direct marketing product. You can pay online with your credit card using a secure online booking page and there is no minimum membership period.
Members can carry out detailed searches and view all the details on a property, including contact details for the seller and information on financing. Most of the properties are REO's (Real Estate-Owned) so prices tend to be slightly higher than at auction. However, buyers have the same legal protection as buyers on the open market and various financing packages are available.
The site is also neatly cross-referenced, with links to a glossary for unfamiliar legal terms and extensive background information. You can browse the foreclosure listings by state, county and area or by ZIP code and updates are provided in real-time, so there are opportunities to beat the race by acting immediately on new listings.
One excellent feature of the Hudworks site is that it offers free information on various aspects of buying foreclosures without any requirement to register or join the service. Once you start exploring the business of finding foreclosures online, you'll soon realise that genuinely free information is a rare commodity!