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. 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. Notices of pre-foreclosure are put up by the lender and has them published in the newspaper once the process of pre-foreclosure begins. The law has set up this legal process that is overseen by the court. There is a section set aside for such notices in the newspaper 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. For you to check them out, you will be provided with all the addresses of the homes.
Online directories are also a good source of pre-foreclosure listings. There are a number of sites dedicated to give out information on any properties that are in the pre-foreclosure stages. The type of house, their conditions and addresses and all other relevant information that you need will be included. You will find all the information that you need on each property listed by simply clicking on the link provided. The advantage of this is that you will find a variety that you will choose from.
Another great source of pre-foreclosure listings is 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. 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. 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.