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How do I get a list of homes in foreclosure?
In our <a href="http://nicereohomes.com/how-do-i-get-a-list-of-homes-in-default/">last post</a>, we looked at getting a list of homes in default. Let's go to the next step past that and consider homes in foreclosure.

First, what's the difference between default and foreclosure? A Notice of Default is an official notice that payments have been missed and the lender doesn't expect the homeowner to live up to his/her end of the bargain (mortgage payments). A Notice of Foreclosure is when the lender actually takes control of the property. There's a big difference there, and you'll be surprised that a small percentage of homes in default actually go to foreclosure. In fact, <a href="http://www.credit.com/credit_information/mortgages/Understanding-Defaults-and-Foreclosures.jsp">Credit.com</a> pegs it at 1% for good credit loans and 6% for sub-prime loans.

Ok, so now that we know the difference, what about getting those lists? Well, you can use the same means as getting a list of homes in default: lenders, agents, and the internet. That's a start. However, you can also go down to the a county's records department and look at public notices of foreclosure and the scheduled foreclosure auctions. Remember, foreclosure auctions (the auctions that sell the foreclosed home before they revert back to the lender -- these auctions require cash payment) take place at the courthouse of the county where the property is located, so dig up these schedules to get a heads up.

One thing to remember -- and this is related to the low foreclosure percentage -- is that no one really wants to go through the process of foreclosure. Not the lender nor the homeowner. It's an arduous process, and most of the time, you lose less money if you find some other solution. So, if you (or your agent) are aggressive and you have the assets to swoop in, there's often a way to make yourself part of the solution for these homes in foreclosure. Just make sure you do your due diligence first.

Israel Gonzalez
Real Estate Broker
<a href="http://bestreohomes.com">www.bestreohomes.com</a>
<a href="mailto: israel@topproducer.com">Click here to contact me by email.</a>

The views published here are the opinions of the writer and are not a substitute for legal counsel.
Posted: Wednesday, March 10, 2010 12:08 PM by Israel and Rachel Gonzalez


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