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Search Here for Pre-Foreclosure, Auction and Bank-Owned (REO) Properties
Important definitions you should know when considering the purchase of a foreclosure property:
- Pre-Foreclosure homes are those that have received a Notice of Default (NOD) from the trustee as a result of having missed their mortgage payments 3 or more months. Some of these homes are short pay or short sale properties that are listed for sale with real estate agents. Others are not listed, either because the homeowner is working on a loan modification with the lender or the owner expects to catch-up on the past due payments.
- Auction homes are scheduled to be sold at auction.
- REO (real estate owned) are bank-owned properties. Some are listed with a real estate agent; others are not yet listed. The probability that a property can be bought directly from a bank, unless it is listed on a bank's website of foreclosures, is minimal. Banks are trying to minimize their losses from writing bad loans and prefer listing their properties in order to get the maximum number of possible bidders.
Last, the information provide by ForeclosureRadar is not guaranteed to be current as of the date you view one if its report results. You are strongly encouraged to verify the status of any property in which you are interested by ordering reports from a title company.
