A pre-foreclosure refers to a home where the owner of the home has defaulted on paying their mortgage. Normally, this occurs when default in payment of mortgage has occurred three times consecutively. There are stages put in place by the law that the lender follows when he begins the process of reprocessing the property after default in payment happens. The process of pre-foreclosure starts with the lender putting up a default notice which is to inform the owner of the property that the lender will begin following legal action if the mortgage is not paid. Many investors are usually on the lookout to find pre-foreclosure listings because they will be able to purchase the property at a very cheap price and resell at higher prices. There are many ways of finding pre-foreclosure listings.
Local newspapers at the first source of publications of properties that are on foreclosure process. Notices of pre-foreclosure are put up by the lender and has them published in the newspaper once the process of pre-foreclosure begins. The court overseas this legal process that has been set by the law. In the property section, the newspaper usually has set aside this section for such notices. The local newspaper will be a great source for you to look into if you’re an investor looking for pre-foreclosure listings. The addresses will be provided for all the homes for you to check out.
Secondly, there are a number of online directories that give this information. There are a number of sites dedicated to give out information on any properties that are in the pre-foreclosure stages. All the relevant information that you need is provided that may include the type, the conditions addresses of the house. You will find all the information that you need on each property listed by simply clicking on the link provided. Finding a variety that you will choose from is the advantage that comes with the online directories.
Foreclosure listings can also be gotten from the real estate agents. At any given time real estate agents are always looking out for properties that are in pre-foreclosure and looking for investors that are readily available and willing to purchase the property. The agents will even organize meetings between you and the property owner in addition to negotiating the offers available on your behalf and taking you through the process involved that includes the legal work required. These are people who are professional and qualified in this field and you can count on them and will save you a great deal of trouble looking for these pre-foreclosure listings.