How to acquire preforeclosures
There are three phases to "How to acquire preforeclosures"
*Before The Sale -Time between when the homeowner has stopped
making mortgage payments and when the properly is actually put up for
sale at auction. Investors take this opportunity to deal directly with
the homeowner.
* At The Sale -When the courts seize the property from the
homeowner and sell it to the highest bidder. The county sheriff or a
trustee handles this process, depending on the state
* After The Sale -If the property fails to sell at auction, or if
the lender ends up as the highest bidder, the home becomes REO, or "real
estate owned" by the bank. Banks then try to sell these REO properties
on the open market, often through a real estate agent or third-party
marketing company.
Keyword: How to acquire preforeclosures
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Finding Quality Pre-foreclosure Listings
All the sites listed below offer listings for a fee. Take advantage of the free trial period offered evaluate their listings. The sites should offer the latest listings with daily/monthly updates. Using the internet, a number of web sites allow searches by state, county, city, and zip code. Pre-foreclosure listings are public information and generally available at the local recorder's office. Since most pre-foreclosure listing sites offer a free trial period, take advantage to determine if the quality of data and services meet your needs.
| Trial? | Updated? | Rating | Link |
| 7 days | Daily/Weekly | ***** | RealtyStore.com |
| 1 Week | Weekly | **** | Bargin.com |
| 1 Week | Weekly | **** | RealtyTrac.com |
| 7 days | Weekly | *** | Foreclosurenet.net |
| 3 days | Monthly | *** | Foreclosure.com |
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Foreclosure Loan
Before you can understand what a foreclosure loan is, you must understand the concept of a foreclosure. A foreclosure is the legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. When the individual starts missing payments...