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A Guide to Finding Preforeclosure Properties

If you are interested in buying a house from a distressed owner in preforeclosure, the results would be beneficial to both distressed homeowner and the foreclosure investor. If you buy this preforeclosure house, you will benefit from being able to purchase a house with a value that is way under the market value, and it benefits the distressed owner since he will not lose his property to his lenders and have money in the process. Then you can sell, rent, or assign the contract to another investor for a profit.

So how do we find preforeclosure properties to invest in. Real estate leads can be found in three sources.

You can find what you need in our county clerk or recorder’s office. There are public records that show transactions between homeowner and their lenders. The official notice filed against the homeowner by the lender after they miss even a single payment is called NOD or lis pendens. Depending on where you live, you can actually buy a list of these notices for a certain amount. Your are not likely to get contact info on the homeowner so be prepared to do some research to track them down. And since there are a lot of documents to check out, you should be ready to spend some amount of time to check them out. There is a need to spend time in doing research since it is possible to find foreclosure leads.

If you go to a mortgage broker, he will be able to provide you with a list of preforeclosure properties. Let the mortgage broker refer you to preforeclosure homeowners as a free source. Most of the owners who are with preforeclosure status usually are not able to pay their mortgage, and they try to get their loans modified or refinanced from their mortgage broker, but they re unable to arrange new payment terms. They can opt to sell their property to real estate investors for a fast sale.

These homeowners need honest counseling and guidance because they are not really familiar with foreclosure processes. You can help them get a fresh start by buying their house.

You can also find preforclosure homes in an online preforeclosure database. If you search this online data base you will be able to fin lead of preforeclosure properties. But you need to choose the right online service. An online foreclosure database should list preforclosure properties. Make sure you go to a reliable site because there are many who say they provide preforeclaosure properties but you will have no results when you search for one in their site. The best online foreclosure database has a lot of information to offer including a list of preforeclosure properties all over the country, the pay off, equity, attorney handling the case and other information. If you want fast, easy and accurate preforeclosure information, check out the online foreclosure database. This site generates 20 to 30 leads per month which gives you a lot of choices for preforeclosure properties to buy that is way under market value.

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