A pre-foreclosure refers to a home where the owner of the home has defaulted on paying their mortgage. This usually happens after the home owner has defaulted in paying three consecutive mortgage payments. When this happens, the lender begins a process of reprocessing the property following the stages put in place by the law. The lender putting up a default notice meant to inform the owner of the property that the lender will begin following legal action if the mortgage is not paid is the first step in the process of pre-foreclosure. 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. Once the process of pre-foreclosure starts, the lender puts up notices of pre-foreclosure and has them published in the newspaper. 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. For you to check them out, you will be provided with all the addresses of the homes.
The second source of pre-foreclosure listings is online directories. Information on any properties that are in the pre-foreclosure stages have been provided through a number of sites dedicated for this. The type of house, their conditions and addresses and all other relevant information that you need will be included. Clicking on the link provided for each property listed is all you have to do and you will find all the information you need. The advantage of this is that you will find a variety that you will choose from.
Real estate agents are equally a great source of pre-foreclosure listings. 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. Negotiating the offers available on your behalf and taking you through the process involved that includes the legal work required is something they are also willing to do and they will even organize meetings between you and the property owner. 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.