subject: 4 Free Foreclosure List And Free Forclosure Listings Tips You Must Know [print this page] Free foreclosure lists are one easy way to find discount houses. No matter if you are searching for fix and flip houses, rental properties or other good real estate investments, free foreclosure listings are great ways to start your search. When you are looking for free foreclosure lists, there are a couple of things you have to consider so your efforts pay off.
Every free foreclosure listing and every free foreclosure list is potentially a little different. And, there are essentially four different types of free foreclosure lists that you will find once you start searching.
One of the most important things for you to understand when you find your list is what type of free foreclosure list you have. This is important because the laws change depending on what list you are looking at. So, let me just jump right in and teach you the four different types of free foreclosure listings that you are going to find.
List 1: The Free Foreclosure List Before The Filing Date
The first free foreclosure list is what I would call pre-foreclosure before the filing date because the houses on this list are essentially listed before the initial foreclosure filing is done. There has been no paperwork filed by the bank at this time. The owners of the house might be behind on their payments and things are probably not looking very good financially for them but they are not to the point of having the Notice of Election and Demand actually filed. This is one of the types of free foreclosure lists that you are going to find in your search.
List 2: The Free Foreclosure List After The Filing Date
The second list of free foreclosure listings are listed after the filing date. Once the bank or mortgage company has taken an action to file the Notice of Election and Demand, the free foreclosure list moves into what I would call a pre-foreclosure after the filing date. Now, a lot of things change when you get a foreclosure list that is in this particular time frame.
It is an important thing to know because legally, from state to state, what you can do to solve the owners financial problems at this point in time varies dramatically. This is the second type of free foreclosure list that you are going to find.
List 3: The Free Foreclosure List At The Sale
The third list is what I would call the sale date foreclosure list. This is the actual list of houses schedule for foreclosure by the county. This foreclosure list is available at a point in time when the bank has moved through this whole process and gone through all of their options other than foreclosure but now the foreclosure has become nearly inevitable. There is a date set with the county and the property is actually going to be sold at the foreclosure sale. This free foreclosure list is actually in that time frame after the filing date but before the actual foreclosure date.
List 4: The Free Foreclosure List After The Sale
Finally, the fourth free foreclosure list you will find, and you will find these free foreclosure listings in just about every city across the country, is after the foreclosure sale itself. This list moves into what is known as bank owned properties or REO. So the fourth free foreclosure listing group that you are going to find are bank owned properties. The foreclosure has occurred and now the properties are owned by the bank.
So if you are looking for free foreclosure listings, these are the four different types of free foreclosure lists that are out there that you can get your hands on. You can use this information to find greatly discount houses that you can buy for good real estate investments.
