It is these market conditions that will enable the shrewd real estate investor or first-time home buyer a unique opportunity to obtain real estate proerty during the market slowdown.
Foreclosure Process Overview
Each state has its variation on the foreclosure process: two processes a foreclosure can happen:
Judicial Foreclosure: (Time Period ? 10 to 11 months)
Non-Judicial Foreclosure: (Time Period ? 4 to 5 months)
Foreclosure Profit Opportunities
There are three phases to a foreclosure opportunity: Before the trustee's sale, at the trustee's sale, or after the trustee's sale.
* Before The Sale -Time between when the homeowner has stopped making mortgage payments and when the properly is actually put up for sale at auction. Investors take this opportunity to deal directly with the homeowner.
* At The Sale -When the courts seize the property from the homeowner and sell it to the highest bidder. The county sheriff or a trustee handles this process, depending on the state
* After The Sale -If the property fails to sell at auction, or if the lender ends up as the highest bidder, the home becomes REO, or "real estate owned" by the bank. Banks then try to sell these REO properties on the open market, often through a real estate agent or third-party marketing company.
Finding Foreclosure Listings
A number of on-line web sites offer trial memberships, try a number of foreclosure listings sites and evaluate which offers the best most current listings. Since foreclosure listings can be found by visiting the local recorder's office and making photocopies this can be daunting since listings are added on a daily basis.
Using the Internet, a number of web sites allow searches by state, county, city, and zip code. Like with any product, performing your own comparison of foreclosure list sites will give you the best price and value for money. Take advantage of the free trial period offered evaluate their listings. The sites should offer the latest listings with daily/monthly updates.