PRE-FORECLOSURE
What are Pre-Foreclosures?

Pre-Foreclosures is the term used for homes that have been scheduled for a foreclosure
sale but have not yet gone to auction or been sold off. Often times this period of time can
range from anywhere from a month to a year, depending on the customs and laws of the
state or county. Just because they have not yet been sold off does not mean they cannot be
purchased, as many home owners look to sell their home before a foreclosure sale takes
place.

How Preforeclosures Begin

The process of foreclosure begins when a homeowner defaults on their loan. Generally
when this occurs, the lender involved will issue the homeowner a notice of default, and for
all intents and purposes this begins the preforeclosure period. From here on out many
things may happen—the homeowner may raise the money to pay off their default debt to
the bank or lender and stay in their home, the lender issues a Notice of Sale and arranges
to put the property up for sale at a later date, or the homeowner finds someone willing to
buy their home and avoids a foreclosure sale. This last option is becoming increasingly
common, as investors and home buyers alike often look to find great homes for sale at
extremely low prices through the preforeclosure market.

Low Prices on Pre Foreclosure Homes
Buying or investing in pre foreclosure homes can be extremely lucrative, because often
times a homeowner will be willing to sell off real estate in danger of foreclosure for very
low prices simply to avoid a foreclosure sale. Many buyers end up finding deals of
anywhere up to 40% off the true market value of a property.
Finding the Right Pre-Foreclosures
Since real estate sold by agents and brokers dominate the market, it can be hard to find
properties available through this means. A good idea is to consult a pre-foreclosure list to
find property available in your area, as well as information on how to go about purchasing
these valuable properties direct from the homeowner.
The process of foreclosure or pre-foreclosure helps other people/third party to get a
home at a bargain price. We  will help you get the foreclosure homes of your choice by
identifying the right property for you. Here's a look at what all is available.

Pre-Foreclosure Property:
If you want to buy a good home then you should look out for bank foreclosures for
sale. You can also check some of the best homes or property that is in the
pre-foreclosure period. You will have to approach the homeowner/borrower and
make the proposal of buying the property outright. If the homeowner/borrower sells
you the property then they will avoid a bad mark on their credit history. At the same
time, you will get the property at a good bargain price. As a buyer, you will have
enough time to research and collect information the property and get a discount of
anywhere between 30% to 60% below market value.

Auction:
If the homeowner is unable to pay the loan by the end of the pre-foreclosure period
then the property is put up for a public auction where potential buyers can bid on it.
These are known as foreclosed homes and buyers can pay in cash or by check
depending on the laws of a particular auction. There are times when a buyer may not
get the appropriate time to even do a background research on the property. The good
part though is that a public auction eliminates the direct dealing with the borrower and
offers the best bargain possible.

Bank-owned/REO:
The reason why lenders take ownership of a property is to sell it off at an auction so
that they can recover their losses. Once the lender has repossessed the property,
they will ideally do the repairs before putting it up for auction. It has been seen that
the bargain for REO homes is lesser than a pre-foreclosure property. Bank
foreclosures, REO property or VA repo homes can become a government foreclosure
only if the loan was issued by a government agency like the HUD or Department of
Housing and Urban Development or Department of Veteran Affairs (VA). In such a case,
the HUD or the respective government agency will be responsible for selling off the
property.

Things To Know Before you buy
To help you find the best property, we offer you all the relevant information regarding
various foreclosed property. The information is available through our foreclosures list
and includes details of over two million foreclosure properties nationwide. You can
search on our foreclosure database that includes properties in pre-foreclosure as
well as foreclosure.
Saving Big on Foreclosed Homes

Buying foreclosed homes is an excellent way to go about saving on a new home
anywhere in the country, especially in popular areas like MacLean, VA and Salt Lake City,
UT. These incredible properties offer great opportunities for discount purchases, as
they are so often priced below their actual value. However, as in all real estate, there is
no such thing as a sure bet, and you have to know the right way to go about finding and
buying these great pieces of real estate in order to get the best deals. Luckily, that's
exactly how BankForeclosuresSale.com wants to help.

Buying Foreclosure Homes For Below Market Values

For many homebuyers, getting a home for a good price is one of the most important
aspects of the search for real estate, and that is exactly what foreclosure homes offer.
Most properties on the open market these days are extremely overpriced, and it can be
difficult to find any property that offers substantial savings or a clear investment value.
But foreclosure homes offer you the chance to buy for great discounts, as they are so
often sold for such big discounts.
What is a Lis Pendens?

A Lis Pendens is a formal notice that a lender must legally file with a court or the proper
court authorities as the first stage in beginning foreclosure proceedings against a
homeowner. These reports are only filed in states that require judicial proceedings to
pursue a foreclosure, or if the mortgage involved in the situation does not contain a Power
of Sale clause allowing the lender to pursue a foreclosure free of court supervision.


Why Lis Pendens are Valuable

It's important to remember that the Lis Pendens does not mean a foreclosure auction is
inevitable; it simply means that the process has begun. Most state laws require a lengthy
period of time between when the proper documents are filed and the actual sale takes
place, known as the preforeclosure period. In any case, properties in this stage can be very
valuable to investors, because it is often available for a great bargain price.


How Lis Pendens Begin
Generally, a lender will seek to foreclose on a homeowner either when they have not made
adequate mortgage payments or they are being held for a tax lien. The owner still has an
opportunity to avoid a foreclosure sale going on their record by taking one of two paths.
They can either look into new loans to refinance their home, or they can sell the distressed
property before a sale occurs and use the money to pay off their debt and avoid declaring
bankruptcy.


Deals on Lis Pendens Real Estate
Investors often seek to find real estate of this kind because it offers tremendous
opportunities for savings. Since the amount the homeowner needs to pay off their debt is
so often below the actual value of foreclosed homes, buyers find huge discount of
anywhere from 30 to 60% off market value. It's similar to the FSBO sale process, and it's
easy to learn what is the proper procedure for buying in this manner.
How do Real Estate Agents /  Brokers Can Help You?
A real estate broker, sometimes known as a home broker, is a professional who negotiates
between the buyer and the seller in a real estate transaction. People sometimes confuse
house brokers with real estate agents. However, real estate agents perform a different role.
They are more concerned with selling a specific property, while the role of the real estate
home broker is to match a seller with an appropriate buyer.

Brokers are a Valuable Resource When Buying Foreclosures
Keep in mind, too, that buying a home is a considerable investment and a challenge. If you are
new to real estate, working closely with a broker or other real estate professional can help
you get the best bargain on a property.

Many real estate professionals are very knowledgeable about properties and specific real
estate markets. Some even specialize in distressed houses and can help you find that gem of
a property at a bargain price. Real estate professionals can also help ensure that you buy a
property correctly, so that there are no legal problems down the road. Some will even help
you negotiate a fairer price.

The truth is, unless you are a seasoned professional, you may need help when buying a
property. A real estate professional is one valuable source of help.

SOUTH FLORIDA, CALL A PROFESSIONAL LICENSED REALOR
REAL ESTATE INVESTMENT- PRE-FORECLOSURE
Buying Pre-Foreclosure

Confirming pre-foreclosure status
When a property enters pre-foreclosure, the owner usually has at least 2-3 months to
reinstate the property by paying off the amount in default. The reinstatement stops the
foreclosure process, so it's important to find out if a property has been reinstated before
proceeding. The best way to check if the property has been reinstated is to call the trustee or
attorney assigned to the foreclosure. The trustee cannot typically answer questions about the
property; they can just let you know if the property is still in foreclosure or not.

Researching the potential bargain
Find out as much as you can about the estimated market value of the property, how much is
owed on the property and if the owner has any other liens against the property.

Contacting the owner in default
You or your real estate agent should initiate contact with the owner to express your interest in
the property. Before you expend the time and effort to contact the owner, make sure you're
fully prepared to buy.

If the owner has decided to list the property for sale, you can simply contact the listing agent.
Once the property is listed with an agent there may not be as much bargain potential, but you
can still negotiate a good deal because you know the owner has a limited amount of time to
sell before the bank repossess the property or sells the property at public auction.
Negotiating a purchase agreement
Once you have made contact with the owner, you should meet with them for further
discussion about the property. As part of this meeting, or a later one, you should arrange
to walk through the property to make sure it meets your criteria as a buyer.

Because owners in foreclosure may not have the money to make repairs to their
property, you might be willing to buy the property "as is." But you still want to keep a tab
of estimated repair costs and subtract them from your purchase offer. Your willingness
to put some "sweat equity" in the property after you purchase it will increase the
chances of realizing a good bargain.

If you and the owner both agree to proceed, you need to negotiate the terms of a
purchase. These negotiations will involve you, the owner and the foreclosing lender. A
real estate agent can be a valuable resource during the negotiating process.

If the loan in default is assumable, you may be able to pay off the amount in default and
take over payments under the current terms of that loan. If not, you will need to pay off
the full amount owed on the loan. If the property has other liens placed on it, you'll need
to make sure those are cleared out as part of the purchase agreement. If the owner has
equity in the property above and beyond the liens, then you can offer to split the equity
with them, allowing them to walk away with cash and you to acquire a property below
market value.

While negotiating the purchase agreement with the owner, you should also contact the
foreclosing lender and any other lien holders. You want them to know you plan to
purchase the property and satisfy any liens against the property. You also may be able to
negotiate a lower payoff amount to satisfy the debts owed.
This is another way to realize a bargain during pre-foreclosure.
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What are Pre-Foreclosures?
pre-foreclosure helps  people  to get a home at a bargain price.