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. The lender begins the process of reprocessing the property when this happens by following the stages put in place by the law. 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. Because they will be able to purchase the property at a very cheap price and resell them at higher prices, many investors are usually on the lookout to find pre-foreclosure listings. There are a number of sources of pre-foreclosure listings.
To begin with, publications of properties that are on foreclosure process can be found in local newspapers. The lender puts up notices of pre-foreclosure and has them published in the newspapers once the process of pre-foreclosure begins. The court overseas this legal process that has been set by the law. The newspapers usually have a section set aside for such notices in the property section. 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. 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. Variety to choose from is the benefit you will enjoy from this.
Foreclosure listings can also be gotten from the real estate agents. Looking for properties that are on pre-foreclosure process is what really is that agents do and there are also on the lookout for investors who 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. 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.