A pre-foreclosure refers to a home where the owner of the home has defaulted on paying their mortgage. When default in payment of mortgage or cause three consecutive times this is when this process occurs. 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 first step in the process of pre-foreclosure is the putting up over default notice by the lender which is to inform the owner of the property that the lender will begin following legal action if the mortgage is not paid. 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 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. This is the legal process that is set by the law and the court overseas this. In the property section, the newspaper usually has set aside this section for such notices. If you’re an investor looking for pre-foreclosure listings, the local newspapers will be a great source for you to look into. You will be provided with all the addresses of the homes for you to look out for.
Online directories are also a good source of pre-foreclosure listings. Information on any properties that are in the pre-foreclosure stages have been provided through a number of sites dedicated for this. 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.
Another great source of pre-foreclosure listings is the real estate agents. 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. They are also willing to get take you through the processes involved that includes the legal work required, negotiating the offers available on your behalf and even organize meetings between you and the property owner. You can count on these agents because there are people who are professional and qualified in this field and will save you a great deal of trouble looking for these pre-foreclosure listings.