Trulia picks up foreclosure information from RealtyTrac, which gets this information from Public Records. Just because a property is in foreclosure, does not mean it is listed for sale. The homeowner in default has many options. The list below shows just a few:
1. Pay the past due amount and reinstate the loan.
2. Work out a forebearance agreement with the lender.
3. Work out a modification of the current loan with the lender.
4. Re-finance (if they have equity, and believe it or not some homes in foreclosure have equity).
5. Sell the home (short sale if there is no equity, regular sale is there is equity)
6. Sell a partial interest in the property, enough to bring the loan current.
7. Sit around with their head in the sand and wait for the bank to foreclose.
Unfortunately, many homeowners choose #7 above.
If you are interested in buying foreclosures, you will need to work with a real estate professional who knows this end of the business. If you have cash and patience (or some cash and excellent, readily available credit), you might pick up a "pre-foreclosure" directly from the owner. A Realtor can contact the homeowner (if not listed) or their listing agent on your behalf and hopefully negotiate a great deal at a great price. If you have patience but need to purchase using an FHA loan because you only have a small amount of cash for a down payment, you can wait for the bank to foreclose and then purchase the property as an REO. Only a Realtor will be able to tell you when the property you are tracking becomes available for sale.
Let me know if I can be of service to you in your quest to find a foreclosure that fits your parameters. I have worked in the pre-foreclosure market going on 5 years now and can help you identify and negotiate for homes which are not currently on the market. When purchasing a pre-foreclosure, you need to be careful that you are not buying someone else's headaches and debt. That is why you want to work with a professional who has some experience in this area. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
Remember, foreclosure is 120 days and it allows borrowers the right to reinstate. The last 30 days (actually 21) are heading to sale date.
Also, you might see two NOD records that have the same lender, same trustee and same default amount. This indicates both records represent the same foreclosure proceeding, but companies like RealtyTrac includes data from both sources to provide as much information as possible about the property. Some of our sources overlap, but provide different levels of information.
We suggest you review and compare both records to get the complete picture.
Next? Consider showing up at the County on the date of the sale and bid. Or make an offer and try to have a Realtor submit.
Web Reference: http://www.borrowerhotline.com
Call me or email me the address and i will provide you with the information. It's that easy.
As for buying a foreclosed home, once you we find the home, i will help you with making an offer and negotiating with the lender and or REO Broker. If you do not have a specific property in mind and just need a list of foreclosed / Short Sale homes? email or call me with the area.
Help U Short Sale
Realtor, CDPE AGENT
Certified Distress Property Specialist
Buyers agent who represents you can schedule a property tour. No real estate agent works directly with foreclosures. Most foreclosures are usually in a distress condition, property owners preference not to maintain property NOR had money . There are homes move in condition with little to no work.
NOTE: If you submit an offer on foreclosures drama is involved no fault to listing/buyers agent bank work in their own way. Not standard for the real estate community.
Sales contract forward you need lender approval