Many post-foreclosure properties will be listed in your local home sales magazine. They usually have the word “foreclosure” prominently displayed in the ad. That is because most people who see that word will think the offered price is a deep discount. Those people would be mistaken. The offered price is usually the appraised value.
One word of caution is in order, though. Appraised value might mean a full-blown evaluation by a licensed appraiser. It might also mean a drive-by appraisal by a licensed professional made with the assumption that there is nothing wrong with the interior of the house. That assumption is often wrong. A property with a drive-by appraised value of $169,000 might have been appraised at $89,000 if the person driving by knew that the interior had been gutted. Finally, many lenders obtain something called a broker price opinion. That is a real estate broker’s opinion of the value after driving by the property.
That being said, where else can you find such properties? The easiest source is the Internet. I suggest you start with www.hud.gov/ homes/homesforsale.cfm. This site has links for single-family homes and multi-family foreclosure properties owned by HUD, as well as other government agencies and private sources. You might also want to check out some of the commercial sites. Most offer a free trial period, after which you must pay a subscription fee.
Examples of these websites include: