The Different Sources of Pre-foreclosure Listings
Home where the owner of the home has defaulted on paying their mortgage is a home that is on a pre-foreclosure. 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 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. Finding pre-foreclosure listings is one thing that investors are usually very keen about because they will be able to purchase the listed property at very low prices and resell them at higher prices. There are a number of sources of pre-foreclosure listings.
Local newspapers at the first source of publications of properties that are on foreclosure process. The lender puts up notices of pre-foreclosure and has them published in the newspapers once the process of pre-foreclosure begins. The law has set up this legal process that is overseen by the court. The newspapers usually have a section set aside for such notices in the property section. If you’re an investor looking for pre-foreclosure listings, the local newspapers will be a great source for you to look into. For you to check them out, you will be provided with all the addresses of the homes.
Secondly, there are a number of online directories that give this information. Information on any properties that are in the pre-foreclosure stages have been provided through a number of sites dedicated for this. They give all the relevant information that you need that may include the type of house, their conditions and addresses. 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.
Real estate agents are equally a great source of pre-foreclosure listings. Real estate agents are always on the lookout for such properties that are on pre-foreclosure stages and look out for the 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. The agent will save you a great deal of trouble of looking for pre-foreclosure listings as they are professional and qualified and you can count on them.