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A real estate agent may also be able to help you find a foreclosed home that meets your needs. While experienced investors may not need a real estate agent’s expertise, individuals buying a foreclosure for the first time, especially if they want to live in it, can benefit from working with an agent who has helped other people buy foreclosed homes. “A lot of these Realtors have a long-term relationship with these banks, and they know of listings that haven’t even come on the list yet,” Zimmerman says. “Call them about the listings that you’re interested in, but also ask them about listings that may be coming up because sometimes it may take a day or two or even a week before a listing actually comes find out this onto the database.” A foreclosed home is one that a homeowner has to give back to their lender because they can no longer afford to make their mortgage payments. The house may then be put on the market by the bank or loan company at a significantly lower asking price. This is usually because banks and loan companies are looking to recover their loan, so they want to sell the home as quickly as possible.