A "pre-foreclosure" home is a property where the homeowner is behind on their mortgage payments. Foreclosure isa process, which these days can take 18 months or more depending on where you are. The roperty is still owned by the homeowner and will not belong to the bank until they schedule a Sheriff Sale. If no one purchases the house at the Sheriff Sale, the bank then lists it for sale. There are different types of foreclosures, such as bank-owned or HUD houses. I can explain the different procedures for purchasing foreclosures as I specialize in pre-foreclosures and foreclosures. As the other agents have said, these web sites don't list addresses because they want you to pay for the information. Many of these sites contain bogus "teaser" information to draw you in. I've looked at some of the properties they've listed in areas I'm familiar with and I've seen incorrect prices, as well as listings for properties that have already sold! See my web link below and search to your heart's content. Registration is absolutely free. Then, call me at (609) 284-3825 and we can discuss how much you should pay. We can also discuss some other important aspects of buying pre-foreclosures and foreclosures so you don't have any unpleasant surprises.
Pre-foreclosure means that the owner is behind in payments. And if the situation continues and isn't fixed, then the house may be foreclosed upon.
Stay far, far away from any site that wants you to pay for that information. If you're interested in such properties, contact a local Realtor and get accurate information for free.
Hope that helps.
I imagine you are looking for value - well the good news is that there are very good values actively listed - some of those are shorts and foreclosed upon, others not, but they are available for sale. Those are the properties you should be concentrating your efforts on.
Good luck to you,
Unwavering Commitment to Service
Thirty days before starting the foreclosure process in New Jersey the lender must mail a letter to the borrower warning of the impending foreclosure. This is a pre-foreclosure period.
Pre-foreclosure in New Jersey is the bank's notice of intent to enter a judgment of foreclosure.
They don't show addresses because they want you to PAY for that information. Pre-foreclosures include every home with a late payment. Only a small portion of homes posted for default (pre-foreclosure) wind up as bargains. Many of the homeowners recover and keep their homes; some become Short Sales (requiring lender approval because the Seller can't pay off the full balance owed); some become foreclosures. You can buy those foreclosures either at the courthouse auction for cash, or wait until the lender lists it as a bank-owned (or HUD or VA) property.
You can look directly on http://www.hudhomestore.com/HudHome/Index.aspx, https://www.equator.com/index.cfm?event=findHome.findAHome, or ask your agent to send you all the Bargain priced homes. Most of those are sold to the highest bidder, and sometimes they are deeply discounted. Make sure you understand what repairs are needed before you bid.
Doc Stephens, REALTORÂ®
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors