subject: What Are Foreclosure Listings? [print this page] Foreclosure occurs when a mortgage lender reclaims the property, typically due to past due mortgage payments. Foreclosure listings like those on CreditNowUSA.com represent homes that are pending or actively in foreclosure. There are three different types of foreclosure listings depending on where in process the property is.
Pre-Foreclosure
Pre-foreclosure listings, also referred to as short sales, are listings by property owners who are currently pending foreclosure and want to sell their home outright before the foreclosure completes. When you place an offer on a short sale, you can purchase the home for less than its market value to help the current homeowner protect his or her credit from a foreclosure. This process offers time for advanced planning, scouting the property and researching the title history, and you have time to negotiate with the owner.
Auction
When the bank completes a foreclosure process, they place the home up for auction. Foreclosure auction listings reflect all of these properties. When a property is in auction status, you can purchase the home directly if you are the winning bidder at the auction. You may be able to buy the home at a substantial discount, but you are competing against other bidders. With an auction proceeding, you have to bid and pay for the home on the spot. You do not have any time to research the home or the title history.
Bank Sale
Bank sale listings are the final stage in a foreclosure process. If the owner does not sell the property and it does not sell at auction, the bank reclaims the property and attempts a bank sale. In this case, the home is listed for sale much like any other property, except that the owner and seller is the bank. Bank sales are intended to salvage the lost money on the loan and offer little savings compared to the early stages of foreclosure.
When you are looking for a foreclosure listing, CreditNowUSA.com offers a database of current listings, including some in your area. Check the listings frequently as foreclosure properties can change quickly.
For more information, go to Foreclosure Listings at http://www.creditnowusa.com/Foreclosure-Listings
