How to Find Pre-foreclosure and Foreclosure Properties
http://www.realestatebuz.com/articles/5545/1/How-to-Find-Pre-foreclosure-and-Foreclosure-Properties/Page1.html
Kevin Curtis
Kevin Curtis is a licensed agent with RE/MAX Advantage Plus. He is The Minnesota Real Estate Team's 2007 Agent of the Year. Kevin and his team provide great service and ongoing insights into the Minnesota Real Estate market at
http://MinnesotaPropertiesOnline.com. By Kevin Curtis
Published on 03/24/2009
Pre-foreclosure is that stage where the homeowner is late making payments to their lender for the property. At this stage, the property isn't yet officially up for sale. This is the stage where the owner may try to clear the debt and possibly save the property from foreclosure.
With an increasing number of properties entering the market, finding foreclosure properties should be a breeze. Finding homes in the pre-foreclosure stage may, however, take a little more work. Pre-foreclosure is that stage where the homeowner is late making payments to their lender for the property.
At this stage, the property isn't yet officially up for sale. This is the stage where the owner may try to clear the debt and possibly save the property from foreclosure.
Many real estate agents like to find properties at this stage, especially for short sale. The best ways to identify pre-closures properties include:
Public Records
This is generally a free service; making it ideal for finding both pre-foreclosure and foreclosure properties. If you're not sure where to find listings, check the local county office and ask for help.
Public notices of properties in various stages of foreclosure may be found in numerous county records. These notices are commonly known as Notices of Default or Notices of Trustee Sales. Best of all, many of these listings are public so anyone may access them.
Some county courthouses put data online and pre-foreclosure listings may be found there. This makes the process of keeping current on new pre-closure properties availability much easier.
Read Newspaper Listings
Most larger newspapers carry both a "real estate" and a "legal notices" section. These areas are worth reading through as pre-foreclosure properties may be listed there. You just need to know what to look for when searching.
For properties under the "real estate" section terms such as "foreclosures", "bank owned" and "REO" are important. These listings will guide you to the person to contact for properties of interest.
Under the "legal notices" area you will find listings for properties that are going up for auction. Take down details on these properties; such as contact person and address. Find the person or company that filed the NOD (Notice of Default) on the property and contact them.
No company or realtor lists all their foreclosure properties at once. Contact real estate agents and try to get a complete listing. In fact, you may even develop a networking relationship where you get information on upcoming listings before they become public.
Contact Real Estate Agents
Many real estate agents specialize in foreclosures. They are also good sources of information for listings of properties that are in the pre-foreclosure stage. Contact these real estate professionals and request such listings. Each agency has a specified policy on this. Nonetheless, this is another avenue of getting pre-foreclosure property listings.
Online Sources
There are many sites online that offer listings of pre-foreclosure properties. Many real estate agents offer sites that are great places to find properties in pre-foreclosure and foreclosure stages. Sites may be found by plugging in search terms such as, "online sites for pre-foreclosure listings" or just plain old "pre-foreclosure." Ensure you narrow your query by geographic location; i.e. "Minneapolis, Minnesota or even mn mls."
Another great way to find pre-foreclosure properties online is to visit the websites of lending institutions such as banks and mortgage houses. Some companies have listings which also provide contact information for the real estate agency handling the property.
Some listings available online are from sites that charge to access the listings. Some of these sites offer a free trial which allows you to test the waters before committing.
This is important as not all sites will offer exactly the type of listings for pre-foreclosure properties that you may be looking for.
Many of the avenues for locating pre-foreclosure properties listed above are free. One word of advice about pre-foreclosure properties is that you should ascertain who the title owner is. This person or party must sign the sales contract for it to be valid. A good, knowledgeable real estate agent in your corner will help you make all the right moves and find the best property for your needs.
At this stage, the property isn't yet officially up for sale. This is the stage where the owner may try to clear the debt and possibly save the property from foreclosure.
Many real estate agents like to find properties at this stage, especially for short sale. The best ways to identify pre-closures properties include:
Public Records
This is generally a free service; making it ideal for finding both pre-foreclosure and foreclosure properties. If you're not sure where to find listings, check the local county office and ask for help.
Public notices of properties in various stages of foreclosure may be found in numerous county records. These notices are commonly known as Notices of Default or Notices of Trustee Sales. Best of all, many of these listings are public so anyone may access them.
Some county courthouses put data online and pre-foreclosure listings may be found there. This makes the process of keeping current on new pre-closure properties availability much easier.
Read Newspaper Listings
Most larger newspapers carry both a "real estate" and a "legal notices" section. These areas are worth reading through as pre-foreclosure properties may be listed there. You just need to know what to look for when searching.
For properties under the "real estate" section terms such as "foreclosures", "bank owned" and "REO" are important. These listings will guide you to the person to contact for properties of interest.
Under the "legal notices" area you will find listings for properties that are going up for auction. Take down details on these properties; such as contact person and address. Find the person or company that filed the NOD (Notice of Default) on the property and contact them.
No company or realtor lists all their foreclosure properties at once. Contact real estate agents and try to get a complete listing. In fact, you may even develop a networking relationship where you get information on upcoming listings before they become public.
Contact Real Estate Agents
Many real estate agents specialize in foreclosures. They are also good sources of information for listings of properties that are in the pre-foreclosure stage. Contact these real estate professionals and request such listings. Each agency has a specified policy on this. Nonetheless, this is another avenue of getting pre-foreclosure property listings.
Online Sources
There are many sites online that offer listings of pre-foreclosure properties. Many real estate agents offer sites that are great places to find properties in pre-foreclosure and foreclosure stages. Sites may be found by plugging in search terms such as, "online sites for pre-foreclosure listings" or just plain old "pre-foreclosure." Ensure you narrow your query by geographic location; i.e. "Minneapolis, Minnesota or even mn mls."
Another great way to find pre-foreclosure properties online is to visit the websites of lending institutions such as banks and mortgage houses. Some companies have listings which also provide contact information for the real estate agency handling the property.
Some listings available online are from sites that charge to access the listings. Some of these sites offer a free trial which allows you to test the waters before committing.
This is important as not all sites will offer exactly the type of listings for pre-foreclosure properties that you may be looking for.
Many of the avenues for locating pre-foreclosure properties listed above are free. One word of advice about pre-foreclosure properties is that you should ascertain who the title owner is. This person or party must sign the sales contract for it to be valid. A good, knowledgeable real estate agent in your corner will help you make all the right moves and find the best property for your needs.