www.foreclosurelistings.com

The web site lists bank owned homes and government foreclosures for sale at discount prices as well as distressed foreclosure properties, pre-foreclosure properties, REO foreclosures, and foreclosure auctions. Homes for Sale Each home foreclosure is listed by state, county, and city, which simplifies the search for potential homebuyers and investors. They are placed in these categories for conveniance purposes. Top foreclosure rates are also listed by state and city. Much effort is put into researching a home before it is listed. The listings are easy to understand for those with little or no Real Estate experience to those with a plethora of knowledge in the real estate industry. The website also provides tips and valuable up-to-date information on buying foreclosed homes and the real estate industry in general. Potential buyers who become members of foreclosurelistings. Eventually, the homeowner falls behind in payments and their mortgage goes into default. The lender, who provided the mortgage to the homeowner, typically chooses to foreclose the home to pay off the debt incurred by the homeowner. Often times the lender chooses to auction off the home. The foreclosure home is sold to the highest bidder giving the lender an opportunity to make back as much money as possible on the foreclosed property. When a property is listed as an REO foreclosure, the homeowner has defaulted on their mortgage. In this particular case, the property is taken back by the mortgage lender, usually a bank. Properties typically go into REO foreclosure when a buyer for the foreclosed home can not be found during a foreclosure sale. In this instance, the mortgager repossesses the property and turns around and sells it on its own. To put it simply, an REO property is for sale by the lender, not the homeowner. Bank Foreclosures Bank foreclosures are the result of a homeowner defaulting on a loan or mortgage they have received through a bank. When the homeowner can no longer make payments on their mortgage or follow the terms specified in the mortgage, the bank takes possession of the property, witch become a bank owned property. Once the bank owns the property they send it into foreclosure as a means to make back some or all of the money lent to the homeowner. Bank foreclosures, or bank owned homes, are sold at better rates then non foreclosed homes. The bank uses the proceeds to pay off the mortgage and any legal fees. When a homeowner defaults on their mortgage, the lender has the option to take the property into repossession. Most repo homes are sold at auction at cheaper rates then other homes. The repo home is sold to the person who has placed the highest bid. Repo homes are typically sold for less to allow the lender to make back as much money as they possibly can in a short amount of time. Foreclosure Listings Home foreclosure listings are an easy way for potential buyers and investors to find available foreclosed Homes for Sale. Foreclosure listings include homes in pre-foreclosure, REO foreclosures, bank and government foreclosures, and repo foreclosures. Foreclosure listings typically list the properties asking price, location including city, county, and state, and are usually accompanied by a photograph. Home foreclosure listings are a convenient way for lenders to advertise the sale of a foreclosed property and speed up the time it takes for them to make back what is owed on the mortgage and to cover any legal fees acquired during the foreclosure process. Foreclosure Homes for Sale Foreclosure homes for sale are the result of a homeowner defaulting on their property. To go into default means the borrower failed to meet their financial obligation to the lender and failed to meet the terms of their mortgage agreement. The lender then takes back the property, sometimes through repossession and auctions or sells the property at a discounted price. Homes in foreclosure have been taken back by a lender, mortgager, or lien holder. The money from the sale of the foreclosure home is used to pay off the defaulted amount of the mortgage and any accrued legal fees. Pre-foreclosure There is a period of time between when the mortgager goes into default and when the home is in foreclosure. This period of time is referred to as the pre-foreclosure period. During this period the homeowner can pay off the amount their mortgage is in default for during what is known as a grace period or they can sell the property in question to a third party and pay off the amount in default. Defaulted mortgages that are not paid off during the pre-foreclosure period are either sold at auction or taken into possession by the lender or lien holder. Foreclosure Home Auctions Foreclosure home auctions occur when the homeowner is in default and is unable to pay the amount in default by the end of the pre-foreclosure period. Once the home is no longer in possession by the owner the home is listed and sold at auction. The potential buyer who places the highest bid on the foreclosed home wins the auction. Foreclosure home auctions usually sell at cheaper rates then other foreclosed properties. Buyers are usually required to pay the winning bid in cash. Auctions eliminate dealings between the homeowner in default and any potential buyers.