While the current rise in home foreclosures has a negative impact for some, it has certainly spurred the real estate buying community. Why pay retail when you can pay wholesale, right?
Editor’s Choice – ForeclosureS.com The first step to buying a foreclosed home is to track foreclosures in your area. There are plenty of web-based services to help you do this, but in my humble opinion, ForeclosureS.com is the best by far. Check out a FREE 7 Day Trial NOW! In this months article I will explain some of the fundamentals of buying foreclosure real estate in the U.S. But first, let’s review the terms. Foreclosure is a legal process through which the homeowner’s property rights are terminated, usually due to a failure to make the mortgage payments. A foreclosure home can be in one of the three foreclosure stages as described below. 1. Pre-Foreclosures A Notice of Default or Lis Pendens notice is publicly filed and the property owners are now “in default on their mortgage”. This is also known as the first stage of foreclosure. Based on the state the house resides in the owners have a set amount of time (varies from 3 weeks to 12 months) to remedy their problem (which include
