Bank-owned properties can offer quite the deal. In most cases, these are homes that were passed up during a foreclosure auction, and now, the bank is on its last line of defense. They need to sell the property -- at any price -- or risk losing out on their investment entirely. For these reasons, you can typically buy bank-owned homes at steep discounts. This makes them great candidates for flips, rentals, or other investment properties. They can also be a good option for homebuyers struggling in today's high-priced market, as long as they're willing to put in the work (these properties are rarely move-in ready and are often in need of repair). Are you on the hunt for a bank-owned property? Here's where to start your search. Image source: Getty Images Go to the banks themselves. Most major banks have websites that list the properties they currently own and have available for purchase. Here are some of the biggest ones: Bank of America Chase Wells Fargo Flagstar PNC Truist (formerly BB&T) Fifth Third Bank First Citizens Bank Republic Bank Huntington People's United Bank Regions Bank HSBC U.S. Bank Smaller banks, lenders, and credit unions may have their own websites, too, so make sure to check with local institutions in your market. Use an REO platform You can also find online platforms that cater specifically to real estate owned (REO), bank-owned, and foreclosure listings, so these can be a great place to look as well. Some of these include: Auction.com Hubzu RealtyTrac Xome Equator Foreclosures.com While all the listings on these sites may not be bank-owned, the majority include only distressed properties, which usually come at a discount compared to traditional, more move-in-ready homes. Hire an investment-focused real estate agent A great local real estate agent can also help in your search. You'll specifically want one who's well-versed in the local investment scene and has a strong professional network. If they're connected enough, there's a good chance they already know a few potential properties you can look at. They also may be able to connect you to local banks with inventory or alert you of any upcoming sheriff's sales or other property auctions you might want on your radar. Check the MLS Surprisingly enough, many banks also list their properties in the general MLS, so you can usually find them on listing sites like Realtor.com, Zillow, Redfin, and other popular places. Just keep in mind: They'll typically be mixed in with all the other properties, so you'll need to use filters carefully to find what you want. (For example, on Zillow, you can add keywords to your search. "Foreclosure" might be a smart one in this case.) You can also filter by price (you can even put $0 on some sites) and see what comes up. Bank-owned inventory may rise soon Foreclosure activity has been increasing steadily over the last few months, so there's a good chance more bank-owned inventory may be hitting the market soon. Make sure you have a good handle on your budget and keep your eye on the various listing sites. Though there's typically less competition for these properties, you may still need to act fast -- especially if you're in a particularly hot locale. 10 stocks we like better than WalmartWhen our award-winning analyst team has an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks Stock Advisor returns as of 2/14/21Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Aly Yale has no position in any of the stocks mentioned. The Motley Fool owns and recommends Redfin, Zillow Group (A shares), and Zillow Group (C shares). The Motley Fool recommends the following options: short February 2022 $65 puts on Redfin. The Motley Fool has a disclosure policy.Source