ou can buy the home of your dreams at a bargain price. All it takes is a little know-how, persistence and quick action to seize upon the best deals. This article explores several unconventional routes to take, from foreclosures and bank repossessions to FSBOs (for sale by owners), that you may not be aware of.

Before you start hunting for these bargains, get prepared: Determine exactly what you want in a home and how much you can pay. Then get pre-qualified for a mortgage, so you can buy when the golden opportunity presents itself.

Next, make your own luck. Pursue some or all of the following strategies:

REO stands for "real estate owned" by a bank that foreclosed on the property. Banks do not like REOs. Banks are in the money business, not the real estate business. A long list of REOs is not good for the bottom line.

For this reason, banks do not shout REOs from the rooftops. The bank may even deny having any REO property. You may have to make a real nuisance of yourself to see what's available.

Just politely explain that you intend to buy and live in a particular neighborhood if you can do business with them. Assert that you plan to do your banking with that institution if you can find the right house. In many cases, it takes five to 10 phone calls to get your message across.

Also ask local brokers about REOs. More often than not the bank's REO officer has quietly listed the properties for sale with a broker.

But the bank is still the seller, and usually an itchy one. Remember, you are dealing with a bank officer who wants to get the property off his REO list.

Other sources for house bargains are title insurance companies and corporate relocation services.

Title insurance companies are among the first to know of potential real estate bargains. The title company prepares reports in advance of any involuntary transfers of ownership, such as mortgage or tax foreclosures. By contacting title companies, you can then negotiate directly with a property owner who may be very eager to sell at a bargain rate rather than face foreclosure.

If you move into an area with large companies, chances are the corporations are using a relocation service to sell the homes of relocated employees. (Large companies often purchase the homes of the executives they're relocating and then hire a relocation service to sell the house.) Relocation services want to relocate executives, not sell real estate. They're interested in a speedy sale and, as a result, you may find a real bargain.

The federal government repossesses homes when owners default on loans financed through the Federal Housing Administration. These properties often sell for 5 percent to 7 percent below market value. If you plan to live in one of them, you can often get a low-interest mortgage with a 5 percent down payment. The FHA, and some local brokers, will give you a list of properties.

Since these properties were FHA-financed and foreclosed, they're typically not the larger, more luxurious homes but rather starter homes.

A For Sale By Owner, or FSBO, potentially offers a great buy. At the very least, the seller will not be paying a brokerage commission. This could lower the cost by anywhere from 5 percent to 10 percent, which is what most brokers charge. However, negotiations on FSBOs are often very touchy. Sellers frequently are "tight" about all aspects of the financial terms because they're emotionally attached to their homes. It takes an experienced, unemotional buyer to deal with an inexperienced, emotional seller who may be difficult to negotiate with.

Try anyway.

Find FSBOs by looking for signs on the front lawns of homes or through the local newspaper. Check out the supermarkets in areas you like - often you'll find free, locally-produced publications that list FISBOs in that area.

Call the local courthouse and find out the name of the legal paper for the area. This newspaper should carry the advertisements required by law for auctions, sheriff's sales and foreclosures. You can negotiate directly with the owners up until the date of the sale. You can inspect the premises, sign a contract and get financing. You also can wait until an auction to try to get the property as is. Pass a credit check before you bid and get financing fast.