Foreclosures have skyrocketed in the past few years; banks are now contracting with realty agents to sell their foreclosed properties (which they rarely did before); and several Internet sites have begun tracking realty records, which you can access for free or for a nominal charge.

Q: What’s the best way to find a foreclosed home?

A: Your best option is to call a local real estate brokerage and ask whether there is a “foreclosure specialist.” The agent can tell you which homes are in foreclosure in your neighborhood, and also can tell you about homes that are in “pre-foreclosure,” which can save even more money if you can buy before the bank must spend thousands in attorney’s fees and other court-related charges to boot the current owners out of the house. If you can’t find a local agent, many Web sites can locate them. Two of my favorites are foreclosurepoint.com and realtytrac.com.

Q: Is it better to buy a foreclosure at a court auction or from a bank?

A: It’s usually best directly from a bank, because lenders typically wipe out other liens against the property — whether it’s a second mortgage or even a bill that the seller owed to a contractor for previous improvements. A court auction usually does not and won’t even allow you to inspect the house for potential problems.

Most banks today are also offering ultra-low financing rates and minimizing upfront fees for buyers of properties that are in foreclosure. A court auction usually requires payment in cash.

Q: How much should I expect to pay for a house that is in foreclosure?

A: It depends on where you want to buy. It would be a lot cheaper to purchase a foreclosed property in Omaha, Neb., than in Beverly Hills, Calif. But as a general rule, foreclosure experts say you should make an offer to the bank about 20 percent lower than similar homes in the community that are not facing foreclosure proceedings.

You could even offer 30 percent less than the bank’s offering price if there is an unusually large number of foreclosures in the neighborhood, although you should expect to spend several more hours or even days haggling over the additional discount.