Every state and county has slightly different rules concerning the sale of pre-foreclosures and short sale investing, but there is a basic process that each follows.  This foreclosure process takes quite a long time before a property is sold at the sheriff’s auction and even, in some cases, before the homeowners are evicted from the property.  Yet, even so it’s still a good chance for real estate investors to pick up properties at a discount along every step of the way.

Begins with Non-Payment

A lender is often a bank that lends the buyer money based on their job, down payment and credit history to purchase a home.  In return the buyer agrees to a home mortgage with that bank to begin paying back the loan.  The bank makes money because the loan accrues interest over the lifetime of the mortgage.  The buyer becomes a homeowner and everyone is happy.  Should the buyer turned homeowner stop paying back the loan through the mortgage, the bank has a safety net in being able to take ownership of the homeowner’s property.

Full article… Understanding the Foreclosure Process

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Note: check out our database of foreclosure homes which has over 1.5 million listings including an extensive supply of bank foreclosures. It now includes all Wells Fargo foreclosures since their asset manager, Premiere Asset Services, has signed up.

Once you've decided to start investing in foreclosures, you still have one big step left to handle. You must find the right foreclosure listings. There are numerous sources of foreclosure properties and I find it helpful to divide the sources into two broad categories: government foreclosures and bank foreclosures.

Within the category of government foreclosures you can consider quite a many different sources.  These include VA foreclosures from the Department of Veterans Affairs, HUD foreclosures from the Department of Housing and Urban Development, the General Services Administration, the Department of Treasury, the Small Business Administration, the Department of Agriculture (USDA), the Marshals Service, the Federal Deposit Insurance Corporation (FDIC) and also Fannie Mae.  At last count there were about 37 different government departments through which you can locate foreclosure properties.  One site that has compiled listings from a few of these departments is www.homesales.gov.

Full article… Foreclosures – Where To Find Great Foreclosure Listings

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