Pre foreclosures are defined as properties undergoing a transition from the owner to the lender of the funds to buy the property
. This is a pre-determined period where owners are given the chance to make good on their payments and continue owning their home or to sell off the home and avoid a foreclosure. Catching these homes during this period can translate to significant savings for buyers. The bargain price should motivate the buyer though to dig deeper and really know what they are buying.
How To Gather Information on the Property You Like
Consult public records for pre foreclosures. At different stages of the foreclosure process there are a number of notices filed with the county house. It is possible to check these notices out at the clerk's office or you can enlist the services of a third party that can conduct the search for you. The important notice to check are the Lis Pendens or Notices of Sale and the Notices of Default.
You can do you own search online, it beats going to the county house for sure. Your search online can be quite confusing though as there would be a great number of sites that offer listings of pre foreclosures. You have a better chance of finding your home here if you latch on to just one good site and get all your information there. A minimal investment in subscription fee can go a long way in getting the best set of information.
Hook up with a certified real estate broker or agent. These people know their business and can set you up with a home owner seeking to sell their property while still in the pre foreclosure stage. They can help you conduct a value comparison and also help you accomplish all the requirements you need to accomplish in the course of your purchase.