How to Find Distressed Properties in Alaska

Distressed properties are those in or heading toward foreclosure. For investors, they can be a great opportunity to pick up real estate cheaply and sell it for profit or use it for a rental. Not all distressed properties are in poor shape; many are perfectly fine and distressed due to the owner's financial position. You must know where to look to find good, distressed properties worth investing in. Many government resources offer information about distressed properties, as do public sources like newspapers, auction houses, lawyers, realtors, and online platforms. Below is everything you need to find distressed properties in Alaska.

One of the most common reasons a home is distressed is foreclosure or pre-foreclosure (the period when the lender moves towards foreclosure but hasn't yet sold the house at auction). Finding foreclosure and pre-foreclosure properties is relatively easy if you know where to look. Use the county/municipal, and commercial sources below to find foreclosure properties in Alaska.

Most homes have mortgage liens on them, but when a property amasses additional liens like tax liens, judgment, or mechanic's liens, it usually means the owner is in financial trouble. These properties are ripe for a quick sale, usually for less than fair market value, so the owner can get out from under the debt and liens. You can find lien properties in a variety of ways. To locate lien properties in Alaska, use the following resources.

DNR Recorder's Office

Use Alaska's Department of Natural Resources (DNR) Recorder's Office online search tool to look for liens. You can search the database using the owner's name, record date, or document number. You can also visit this office in person and ask for someone's help using the self-help terminal to find recently filed liens. A date search is probably your best bet to find new lien documents.

Alaska State Assessor's Office

Alaska's Office of the State Assessor is another place where you can find lien records. When a municipality or borough posts a lien on property due to unpaid property taxes, the lien is filed with the state assessor's office. Since tax liens are public records, you can easily search for them on this website using the Alaska Taxable Database and download the report.

Lien Watch

Lien Watch is an Alaska government tool that allows you to search for court-ordered, federal, and entities with active liens. You may get lucky here and find just what you need quickly.

Anchorage Municipal Clerk

Anchorage's Municipal Clerk also has a great website that you can use to find lien properties. You can also visit the office in person at 632 W 6th Ave., Ste. 250, Anchorage, AK 99501. They also have a phone number you can call (907-343-4311) to get assistance with finding records.

Use a Title Company or Real Estate Attorney

Title companies and real estate attorneys both perform deep background searches on a property to ensure a smooth sale. They look for liens, other encumbrances, and title issues. These professionals have access to specialized tools not readily available to the general public, making them valuable resources. Contact some title companies or real estate attorneys to help find properties with recently filed liens.

Alaska Title Companies

• Fidelity Title Agency of Alaska
• Alaska Premier Title & Escrow
• Mat-Su Title Agency, LLC.
• Old Republic Title
• Alyeska Title Guaranty Agency
• First American Title
• Stewart Title of Alaska
• Western Alaska Land Title Company
• Kachemak Bay Title - Homer Title Insurance

Alaska Real Estate Attorneys

Attorneys like Dolifka & Mery specialize in foreclosures and distressed properties. They can help you find sound investments by identifying properties in good condition at the right price. Use the list of attorneys above to find others who may have information on special deals. A few others to try include:

• North Star Group
• Sarah A. Badten
• Halo AK
• Ehrhardt Elsner Cooley
• Carlson Law Group, LLC

Third-Party Online Databases

Another option for searching for distressed properties is to use third-party online databases like PropertyChecker. These databases sometimes allow you to download detailed property records, including lien information.

PropertyChecker is an excellent option for quickly and easily obtaining a complete property report, including value, taxes, liens, foreclosures, and other essential data. You can quickly search using the property address to see if it is in pre-foreclosure or has liens that may lead to foreclosure. You can also search by zip code to view all the pre-foreclosure homes in a specific area.

Bankruptcy is a serious financial situation and often leads to distressed properties and the sale of real estate assets. Bankruptcy records help you identify individuals who are willing to sell their property for less than fair market value. You can find bankruptcy and lien property sales in Alaska by checking the following sources:

Search Federal Bankruptcy Court Records

PACER (Public Access to Court Electronic Records) is a federal records system where you can search for bankruptcies, liens, and other federal court filings. To use the system:

• Visit pacer.uscourts.gov.
• Register for a PACER account to access federal bankruptcy filings.
• Search for bankruptcies in Alaska with the U.S. Bankruptcy Court.
• Review the results and refine your search if necessary.
• Find and download what you need.
• Contact the property owner and see if they are interested in selling.

* PACER may charge you a fee to download documents.

Local Bankruptcy Court

Visit the local bankruptcy court in Anchorage, Alaska, to find bankruptcy records. The court is called the United States Bankruptcy Court District of Alaska. The office is located at the Old Federal Building, 605 W. 4th Ave., #138, Anchorage. You can also call them at (907)271-2655 to get information. Also, check with the court clerk's office; they can often help you find the records that you need. Some of the information you can find is:

• Person's Name and Address
• Case Number
• Type of Bankruptcy
• List of Creditors and Amounts Owed
• Assets and Liabilities
• Court Motions and Decisions
• Discharge Orders and Repayment Plan

State Department of Natural Resources (DNR) Recorder's Office

The Alaska Department of Natural Resources Recorder's Office has a website where you can find a lot of public records, including tax lien sales. Use the recorder's state-wide database to search for liens and tax sales. If you want copies of records, you must pay a small fee.

Borough & City Websites

Alaska is made up of boroughs rather than counties. Each one has its own website with helpful links and information. You can often find notices of tax lien sales or delinquent properties. Check out some of the sites below:

• Denali Borough
• Haines Borough
• Kenai Peninsula Borough
• Ketchikan Gateway Borough
• Northwest Arctic Borough
• North Slope Borough

Additionally, city websites like Juneau and Anchorage may also yield the results you are looking for.

Superior Court

Tax liens and foreclosures are filed with the Alaska Superior Court. You can search their case records for recently filed foreclosures or tax liens and research when these properties will be sold at auction.

Tax Foreclosure Office in the Treasury and Budget Division

The Tax Foreclosure Office in the Treasury and Budget Division with the North Star Borough collects tax payments, handles delinquencies, and pursues payments. You can contact them via phone at (907) 459-1240 to ask about delinquent tax property owners and when they might be for sale.

Multi-Court Voice Case Information System (McVCIS)

You can also call the self-help voice line, Voice Case Information System, at 1-866-222-8029 to get basic information on filings.

Lien Sale Notices in Local Newspapers

Use the list of local Alaska newspapers above and check online media publications for notices of tax lien sales. They often post them on social media, too. Make a note of the auction date, and be sure to pre-register and have the cash ready to buy if you win.

How to Monitor Public Notices for Auctions and Sales

• Bookmark your favorite newspaper, auction, or county websites.
• Check them every day for notice of any upcoming tax lien auctions.
• Review the rules of the auction.
• Prepare your finances and have the cash ready.
• Register early.
• Attend the auction.
• Bid and hopefully win.

Attend Public Auctions and Sheriff's Sales

Keep an eye out for public auctions posted on social media, sheriff's websites, or local and state resources. Use the list of public auction houses below to find upcoming sales, register, and attend. You can also use online auction houses to find nationwide public auctions and lien sales.

Find Information on Upcoming Property Auctions:

• Check out sheriff's office websites, county websites, or local newspapers looking for tax lien sales and auctions.
• Mark your calendar.
• Register online or using the instructions provided.
• Bring cash and attend the tax sale.
• Bid & win.

Use Social Media or Online Platforms

People often use social media or realty platforms to get the word out about tax lien sales and foreclosures. Many government offices have social media accounts that you can follow. You can contact them directly for more information if you see something of interest. Make sure you turn on notifications, so you receive the latest news as soon as they post it.

Consult Real Estate Agents and Brokers

Build a network of real estate agents and brokers with whom you deal regularly and ask for their help in finding tax lien properties and bankruptcy sales. These professionals often work with lenders, attorneys, and title companies. They may have inside information about properties not yet on the market, giving you an edge over the competition. Some realtors to check out include:

• Alcan Realty Alaska - Renee Burk
• A. Janelle Pfleiger, RE/MAX
• Bay Realty Alaska
• First Class Realty Group
• Herrington and Company LLC
• John O'Hara Real Estate

Specialty Websites - Distressed Properties

Some websites like HUDHomesUSA specialize in helping connect buyers with distressed properties. These sites have distressed properties, and you can search for them quickly using various criteria. Some other specialty websites to try are:

• BatchLeads
• LandLimited
• Unity Home Group
• LandSearch

Hire a Real Estate Attorney

You can also hire a real estate attorney to help you find bankruptcy and lien sales. Many attorneys specialize in certain areas of the law, including bankruptcy and distressed property. Some work with families in financial trouble that need to sell property quickly. They could quickly supply you with leads and connect you with the right sellers. Use the list of Alaska real estate lawyers above to get started.

When a homeowner cannot pay their mortgage and miss four months of payments, the bank can foreclose. Banks want to avoid this as much as the property owner. Therefore, they usually have a mitigation program. The owner may agree to a short sale if they cannot modify the loan or afford the mortgage payments. A short sale is when the lender helps the owner sell the home quickly for the amount due on the loan (usually less than fair market value). The bank may assist by advertising the house with real estate offices online and paying for closing fees and other small items to help the owner sell the property quickly. Finding short sales is a great way to pick up distressed property cheaply.

Check Out Bank and Lender REO Listings

One of the best ways to find short sales is through REO listings. When a lender forecloses on a property and then tries to sell it at auction, they are allowed to bid as high as the outstanding balance plus late fees and interest. If no one bids higher, the bank wins, and the property becomes real estate-owned (REO) or bank-owned. Contact some local banks and ask to speak with someone in their real estate or REO department. They can quickly clue you in as to any off-market properties you could buy in a private sale before anyone else. A few banks list these properties on their website. Some banks to investigate include:

• First National Bank of Alaska
• Northrim Bank
• First Bank of Alaska
• Wells Fargo
• KeyBank
• Global Credit Union
• Northern Skies Federal Credit Union

You should also contact a few mortgage companies in Alaska to ask about any bank-owned property. Some to check out include:

• Anchorage Mortgage
• Cornerstone Home Lending
• Guild Mortgage Company
• Mortgage Brokers of Alaska
• Movement Mortgage
• PrimeLending
• Residential Mortgage

Find Real Estate Owned (REO) Properties

• Contact one of the banks near you and ask for the real estate or REO department.
• Inquire if there are any available properties for sale.
• If so, make an offer.
• Close the deal.
• Alternatively, you can go online and search realty platforms, auction houses, and HUDHomesUSA.com for bank-owned properties and inquire there.

Private companies like ShortSales.net can also be used to find short sales in Alaska.

When someone dies, even with a will, it must be filed with the probate courts. If their estate is worth less than $50,000, you can use a simplified probate process, but it still goes through the courts. The court reviews the will, assigns an executor to carry out the instructions in the will, and ensures that all the deceased's assets go to the designated beneficiaries. Things can be more complicated if the person does not have a will. Probate cases often end up with property to sell. The court may sell off real estate to pay off the deceased's debts.

Additionally, family members who inherit property may sell it to free up cash. Probate can be an excellent resource for finding a distressed property that sells for less than market value. Some places to find these gems include:

Alaska Judicial District Court

The first place to check is the Alaska Judicial District Court, where you can search for probate cases. You can use the search tool on the website or visit in person and speak with the court clerk. They can usually help point you in the right direction. Use this page to find what you need.

Local Obituaries

When someone dies, the family will often post an obituary in the local newspaper or online. You can search online obituaries or use the list of local newspapers above to find recently deceased persons and their homes. Cross-reference that information with other public records to find distressed property. Some websites that carry obituaries include:

• Alaskan Funerals
• Alaska State Library
• Frontiersman
• Legacy
• Petersburg Pilot
• Public Libraries
• Wrangell Sentinel

Local Funeral Homes

Funeral homes like those below are also a great way to find probate properties.

• Anchorage Funeral Home
• Blanchard Family Funeral Home
• Janssen Funeral Homes, Inc.
• Kehl's Legacy Funeral Home
• Legacy Funerals and Cremation
• Witzleben Legacy Funeral Homes

Local Private Estate Auctions

Check your local newspaper's classified section and ask around about private estate auctions in Alaska. The deceased's family may hold these and sell off property and other assets. Look on social media and other online sources for notices of these auctions.

Local Realtors & Lawyers

Contact local realtors and lawyers to see if they have any tips on finding probate properties or know of any families who have recently lost someone who might be willing to sell real property. If you contact them quickly, you can work out a deal that benefits everyone without dealing with any competition.

How to Buy Probate Properties

• Locate a probate property and contact the seller or executor of the estate.
• Make an offer for the property.
• If the seller/executor accepts the offer, you must petition the court for approval.
• Appear in court for the hearing.
• Work with the court-appointed real estate agent on purchase details, inspections, appraisals, etc.
• You can close and take possession once the court approves the sale.

Real estate auctions are where real property is sold. Tax and other liens frequently result in foreclosure and auction sales. It's a numbers game, so attend as many auctions as possible to ensure you find the right distressed property for your situation. To find real estate auctions in Alaska, use the following resources:

Private Auction Houses

Families, government agencies, lenders, and private realty companies hire auction houses to hold property auctions and handle everything from advertising, registration, the auction itself, and closing paperwork. A few even hold auctions online. Some Alaska auction houses to contact about upcoming real estate sales are:

• Alaska Auction Co.
• Alaska Premier Auctions & Appraisals
• Great North Auction
• Grubstake Auction Company
• Invaluable
• J.P. King Auction Company
• Wild Alaska Auctions

State or City Resources

Be sure to check the state websites, city online portals, and borough websites for notices of upcoming real estate auctions. Many post notices on the homepage or sidebar, so you don't miss it. You can often register directly through the website and attend when it is scheduled. For example, Alaska has a Facebook group where people can list state-owned properties for sale.

Online Auction Platforms

Many online auction platforms exist that showcase distressed property. You can use these sites easily to narrow your search by entering a specific area, zip code, property type, and other details. Some online auction platforms to review include:

• Auction.com
• BuyAlaska
• Hubzu
• ServiceLink Auction
• Xome

Local Newspaper Auction Ads

Before an auction sale, the presenter may place auction ads in the local newspaper. Use the list of local newspapers above to check the ads section and throughout the paper so you don't miss any mention of upcoming real estate auction sales.

Real Estate Agents

Real estate agents often handle hiring all the players to hold a real property auction. They may interface with auction houses, marketers, lenders, etc. Contact local real estate agents to see if they are involved in a local real estate auction and ask them about how to register and where to attend. Use the list of real estate agents above to find one that will work with you.

The most common reason distressed properties go on sale is to recoup some of the financial losses. This applies to lenders, bank-owned properties, homeowners, and anyone else with real estate that must be sold for less than fair market value. Other reasons distressed property is sold are to avoid foreclosure or bankruptcy, get rid of excess real estate, free up cash, and avoid having to repair a house.

Although distressed properties can be a great investment, they involve some additional risks, such as:

• Hidden Flaws
• Expensive Repairs
• Legal Issues (title issues, unpaid liens, taxes, etc.)
• Complex Negotiations
• Long Wait Times to Close
• Cumbersome Paperwork

Distressed homes seem like more of a headache than they are worth to some people. But, for investors or others looking for a deal, distressed properties are just the ticket. The most common types of people who look for distressed properties are listed below:

Real Estate Investors

Real estate investors look for distressed properties to buy. Some invest in distressed property to rent out, and others to flip and turn for a profit. Use the list of real estate investors in Alaska above to see if they have acquired property they are willing to sell at a discount.

First Time Homebuyers

First-time homebuyers are also interested in distressed properties because of the low price point. Although some homes may need a little work to make them livable, getting them into a bigger house in a nicer neighborhood is worth it. In Alaska, 54.38% of mortgages are to first-time homebuyers.

Nonprofits

There are 6,155 nonprofit organizations in Alaska. These companies do good work to improve the lives of others. However, they usually work off scarce budgets and don't have much extra revenue to invest in headquarters. Therefore, nonprofits seek out distressed properties to find lower-priced real estate that can work for their company.

Developers

Real estate developers also buy whole neighborhoods of distressed property to use the land or upgrade the structures for low-income housing, rental properties, or helping disabled people. A few developers that you might consider contacting to see if they have any properties they would be willing to sell are:

• JL Properties
• Ciri
• Keystone Development Company
• Swell LLC
• Eklutna, Inc.

Wholesale Companies

Wholesale realty companies offer people in rough financial shape cash for their houses. Many homeowners take them up on it even though they get a fraction of what the property is worth. These companies can then sell the properties for under-market value and still make a profit. They usually have contractors on staff and can quickly fix anything that needs upgrading or repairs before selling. Contact some of the wholesale companies below to see if they have any properties you would like to buy.

• First National Realty Partners
• Real Estate Bees
• ARK7
• House Cashin
• BiggerPockets
• Bakertilly
• Liz Buys Houses
• We Buy Houses
• iBuyer