As the foreclosure crisis worsens, ads promising to hook you up with a list of cheap properties are proliferating.

But buyers should beware.

Many of the companies want to sell you a list of foreclosed properties, but that information can be had for free. In addition, real estate agents say foreclosed homes are rarely cheap in the Triangle.

"If you buy property for $20,000, you can imagine what condition it will be in," said Ross Rhudy, general manager of Ammons Pittman GMAC Real Estate in Raleigh.

It's difficult to find discounts on foreclosures in the Triangle, because the housing market has not suffered as badly as those in other parts of the country, Rhudy said. The average home price in the Triangle is about $250,000.

There is often little or no equity in a home in foreclosure. Many lenders in the subprime market -- which has seen the bulk of the foreclosures -- approved loans for the full value of the home, requiring little or no down payment. In most cases, when those homes are foreclosed on, they are sold at market value, Rhudy said.

Realtors can help potential buyers find homes in foreclosure, said Julie Woodson, spokeswoman for the N.C. Association of Realtors. Rhudy's firm, for instance, has agents who specialize in foreclosure sales.

Many of the ads about foreclosure deals instruct you to call an 800 number. When you do, you're asked for a credit card number to set up an account. For $9.95 a week, you get a list of homes in foreclosure in your area and access to a Web site. Your credit card is charged every week until you cancel.

Buying such a list is a waste of money, some property experts say.

The information can be found for free at the local courthouse. Foreclosure sales are also published in local newspapers, said Lorrin Freeman, clerk of Superior Court in Wake County.

Brian Sullivan, a spokesman for HUD, the federal housing authority, said anyone can search for foreclosures on government Web sites.

"Don't ever pay for what you can get for free," Sullivan said.

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