Sneeker 42,

To explain the process a little better a bank cannot file a notice of default until the loan is at least 90 days late. Once they have filed a notice of default they will set an auction date. The length of time from date the notice of default is filed to the date of the auction varies however it can be no less than 90 days.

Often times people faced with the prospect of foreclosure will turn to an agent to perform and negotiate a short sale. These properties are listed in the MLS and there is a specific criteria and agent can enter to search for those properties designated as a possible short sale.

In my opinion some of the largest savings can be made here. Once the banks go through the auction process if the home doesn't sell at auction it becomes and REO property. Although there can be considerable savings here you should keep in mind that if the bank has been forced to take a property back they are going to be trying to recoup as much of their investment as possible.

Sneeker42,

Unfortunately there isn't one spot to go to for all of this information. You can find out about pre-forclosure properties by contacting the local County Assessors Office. Once the bank has filed a "Notice of Default" it becomes public record. There are several websites that charge a monthly fee for this information like http://www.realtytrac.com. After the foreclosure sale, when the bank lists the property for sale, any member of the local Multiple Listing Service can email you information on bank ownerd property. Feel free to cantact me at Patrick@PatrickMalone.net if you have any other questions.

Thank You,
Patrick Malone

Sneeker42,

I would be happy to provide you with a list of preforeclosures/short sales in the MLS that are in your price range. Please contact me directly at brian@brianbrumpton.com.