| There are hundreds and thousands of houses | | | | - Pre-foreclosure listings are also available in local |
| foreclosed on a regular basis in today's markets. A | | | | newspapers. Here sale notices published for public |
| pre-foreclosure happens when a person fails to make | | | | through a "Notice of Sale" advertisement. |
| payments of mortgage loan to the banks or any | | | | - Some lenders will also provide pre-foreclosure lists |
| other financial creditors. In this case the bank or the | | | | to the people interested in purchasing foreclosed |
| lender re-claims the house by foreclosing it and | | | | houses. |
| recovers the amount by selling it below the market | | | | Investing in pre-foreclosure properties has some |
| value. | | | | disadvantages as well. All these above options help to |
| Pre-foreclosure lists contain the lists of thousands of | | | | gather information before buying a foreclosure house |
| foreclosed homes that are going up for auction. | | | | and make the deal profitable. |
| These lists can be an excellent opportunity for both | | | | For an easy search on pre-foreclosure properties |
| the buyer and the potential homeowner. Buying a | | | | check these listings. They are normally divided in |
| home prior to going to auction directly from the | | | | several smaller sections: |
| homeowner or bank can drop the price up to 50%. | | | | - Government foreclosure |
| The buyer has enough time to research on the | | | | - HUD foreclosure |
| foreclosed property before investing; if you take the | | | | - VA foreclosure |
| time to find a reliable list. Pre-foreclosure lists are | | | | - Bank foreclosure |
| considered as a reliable source of information for | | | | - Court auction |
| people investing in real estate. | | | | - Homeowners in bankruptcy |
| Few ways to find pre-foreclosure listings: | | | | - Sale by owners (FSBO) |
| - A search of public records will help a person get the | | | | These divided sections help both the buyer and the |
| entire list of properties facing foreclosure. Public | | | | homeowner. Through these divided sections a person |
| records like County Clerk or County Records Office | | | | can get the information on a specific type of |
| does not cost a single penny. Some of them even | | | | foreclosed home. If you are in the market for HUD |
| allow individuals to search properties that have been | | | | foreclosures, then you can view just these types of |
| already been foreclosed. | | | | listings, saving you both time and money in the end. |
| - Various websites that offer pre-foreclosure lists and | | | | To avoid the embarrassment, homeowners try to sell |
| some even offer a great deal more information. | | | | the home before the auction. This could be an |
| Some of them charge a fee, either weekly or | | | | advantage to the buyer because they sell these |
| monthly to get the additional details on these | | | | houses in below market rates. In pre-foreclosure lists, |
| foreclosed properties. Some are free to use, but the | | | | a person should be able to get a systematic guide to |
| details may not be very reliable. Generally, these lists | | | | proceed in this real estate business. Following a |
| contain information on bank and government | | | | pre-foreclosure list, one can make money quickly. |
| foreclosures. Through these search one can get | | | | Apart from searching the lists, a lot of homework will |
| detailed information like, complete address of the | | | | be required. As long as the investor gets the |
| property, telephone numbers of the agent, loan | | | | knowledge from the pre-foreclosure lists, everything |
| amounts, lien holders and the price of the foreclosed | | | | should go smooth and make profit. |
| property. | | | | |