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These are properties that have been acquired by mortgage lenders because the owners have defaulted on the loan payments. The lender or "mortgagee" takes the property that was pledged as collateral for the loan when the payments are behind (that is, when the payments are "in arrears" or "delinquent" and the owners are said to be "in default"). Lenders must follow the state laws where the property is located. Owners default on loan payments for a variety of reasons including divorce, illness, death of a spouse, and loss of employment. Lenders try to work out some kind of resolution with the owners to make up the payments in a process called "loss mitigation." This period is referred to as "preforeclosure." If efforts to work out a correction for the problem do not succeed, the lender will generally initiate foreclosure procedures after three months of non-payment.

Another party may offer to solve the problem by buying the property from the owner during preforeclosure, or from the lender at time of the public foreclosure sale, or afterwards. This presents an opportunity for savvy investors and prospective home owners looking for bargains. Foreclosure properties represent an exciting way to buy real estate because they can be purchased at discount prices, typically between 10% to 50% (or more) below market value. These discount prices are possible because the sellers, which can be the borrowers, the mortgage lender, or one of several government agencies, are motivated to sell as quickly as possible to avoid further losses. As an owner-occupant buyer, you can purchase a foreclosure as your home and enjoy instant equity. As an investor, you can buy foreclosures for rental or resale with built-in profit margins.

There are basically three stages to the foreclosure process. At each stage, the real estate is thought of as a distinct type of property that a new purchaser can acquire:

1. "Preforeclosures" are still owned by the borrowers who are in default on one or more mortgage loan payments. fizber.foreclosure.com lists thousands of properties that are in this early stage.
   
   
2. "Auction" properties have been posted for public sale and may be bought at the time of the foreclosure auction by arranging to pay the arrears plus other costs at the same time the lender legally takes ownership of the collateral.
   
   
3. "REO" is the term for "real estate owned" by the bank, savings and loan, or other lending entity after the foreclosure sale (or "auction") is concluded with no other purchaser buying the real estate.

To summarize, a preforeclosure occurs when the lender initiates foreclosure proceedings as the result of a default. If the borrower cannot cure the default by paying the arrears, and does not sell the property, it is sold at a public foreclosure auction. If no one buys the property at the auction, it becomes REO and the lender is now the seller.

There is also a fourth stage for some properties. In the case of loans "insured" by a federal agency such as HUD or Fannie Mae, or "guaranteed" by the Department of Veterans Affairs (VA), the properties are eventually acquired by the government. When such properties are foreclosed by the mortgagees, the agencies reimburse the lenders for the loan amount and certain costs of foreclosure. The government then takes ownership of the real estate and makes arrangements to sell the properties to the public through contractors and Realtors.

You can see how at each stage, the owner is a highly motivated seller. Watching the progression of properties through one type to the next will allow you to understand when is the optimum time for you to seize the opportunity to benefit by helping others to solve the problems that have arisen from the borrowers' difficult circumstances.

Lenders foreclose according to the laws in the state where the property is located. There is either a "judicial" or "non-judicial" foreclosure procedure that must be followed. States that use mortgages to document property ownership follow the judicial procedure, which requires lenders to file a court case to prove default before they can foreclose. States that use deeds of trust follow the non-judicial procedure, which does not require a court case. Non-judicial foreclosures can take as little as 30 days to complete. Judicial foreclosures can take much more time because of the need to have the court approve the foreclosure action.

Absolutely! Most of the great family fortunes in our country have been created through real estate ownership and investments in real properties. People just like you are attracted to the opportunities presented by dealing with foreclosures because frequently they can buy the properties at prices substantially below market value. Buying properties at discount prices is the surest and quickest way to make money in real estate. Individuals who are looking for a home can get a significant amount of equity up front with foreclosures. Of course, there are no guarantees with any investment, but all across the country, people earn almost immediate income by "flipping" foreclosure properties for big profits. And many landlords are able to buy and rent foreclosures, producing positive cash flow and long term wealth accumulation.

You have already taken the most important first steps! You are reading to learn more about the process, and you have come to the right place. fizber.foreclosure.com serves as a "Knowledge Center" with information, analysis of trends, and actual property listings for each of the types of foreclosures. Our site offers the best available nationwide database of foreclosed properties, making it easier for you to begin your search. Property information is up-to-date and comprehensive, with the most extensive use of sources for preforeclosures, auction properties and other foreclosures. We provide details about the real estate directly from the lenders, government agencies, tax rolls, and other sources. REO listings come from foreclosing mortgagees, HUD, VA, Fannie Mae, and about 95% of the corporate sellers in the market. People just like you all around the country subscribe to our enormous, user-friendly property database to find the best deals in real estate.

It depends. Realtor® is the trade name for real estate licensees who belong to the National Association of REALTORS® and the local associations that manage MLS the Multiple Listing Services. These resources may be of interest to you. However, you are not required to use a real estate broker or salesperson to buy preforeclosures, auction properties, and most REOs. You can buy preforeclosures directly from the property owners before the auction. You can buy auction properties from the foreclosure attorneys, trustees, or auctioneers at the public sale at the county courthouse. You can also buy REOs from lenders after they have taken the properties back at the auction. In all three cases, you can buy the properties without using the services of a real estate professional, if that is your choice. But in order to buy government-owned REO properties from HUD, VA, Fannie Mae, and other federal agencies, a real estate licensee who is registered to do business with the seller must submit your offer according to the seller's rules. These government agencies usually employ property management companies that also have the listings published in a local MLS. There are Realtors® that specialize in government properties who will work with you to submit the special contracts to these sellers.

You might be surprised to know that there are several sources of investment capital available for funding foreclosure deals. These sources fall into four main categories:

1. Conventional financing
2. Partners who will supply cash to invest
3. Lines of credit from a variety of sources, and
4. Hard money lenders

You can obtain conventional financing from any number of commercial banks and mortgage companies. This type of source can be very cost effective, providing you have good credit. Many buyers of foreclosed properties use conventional financing to fund their purchase. Conventional financing sources would be the same sources you would use if you were buying a non-foreclosure property. Try your local bank or mortgage broker because both of these sources should have competitive rates and terms.

Partners are individuals, including friends, relatives, and other investors, who would be interested in providing some or all of the money in exchange for a percentage of the profits you will make when the property is resold. You can advertise by word of mouth, via the Internet, or in local newspapers. You can use existing lines of credit from home equity loans against your own property or from credit cards to fund your deals when you are first beginning.

You can also use hard money lenders who are in the business of providing loans for real estate deals. These sources require you to make monthly payments on the loan until you sell the property and pay off the balance. Check local sources, including the newspapers, for ads from hard money lenders and investor-partners, or consider advertising your interest in meeting such persons for the purpose of making foreclosure investments.

You should be aware that foreclosure properties are sold in "as is" condition. That means that neither the owner, foreclosure attorney, lender, government agency, nor their agents are required to do any property repairs. You should therefore expect and be prepared to fix up the property, either by yourself or by hiring a contractor. Occasionally, REO properties, especially VA homes, may have had some repairs or cosmetic work done to them, and in that case, you are buying that work too, like it or not, so the "as is" principle still applies.

Another point is to arrange for your financing in advance of your foreclosure purchase. Then you can bargain with the owners from a position of strength. Contact your lenders or partners to negotiate and settle on the terms and conditions of your financing so that you will be prepared to complete the purchase once you negotiate a good deal with the owners.

A preforeclosure is a property whose owner has defaulted on the loan payments and whose lender has initiated the foreclosure procedure, usually starting with an official "Notice of Default" to the owner. A preforeclosure property exists during the first stage of the legal procedure, and therefore still belongs to the owner. The length of the preforeclosure period depends on type of foreclosure process mandated by state law and the applicable legal documents the borrower signed with the lender when the property was originally purchased. As mentioned earlier, either judicial or non-judicial procedures are required by law in different states.

Once again, you are at the right place. There are several ways to find out about preforeclosures, including buying paper lists or online database subscriptions, constantly checking the local newspapers for Notices of Default, and contacting foreclosure attorneys directly. Does this sound difficult and/or expensive? It is. That's why fizber.foreclosure.com has been developed to offer you the high-quality, updated, user-friendly information you need to succeed. fizber.foreclosure.com was established and is maintained by experienced real estate investors, and we know the value of providing our subscribers with easy access to all types of properties in each stage of the foreclosure process.

You must submit a written contract directly to the owners in order to buy a preforeclosure, since the property still belongs to them during this stage. You can initiate contact with the owners by mail, by phone, or by visiting them, depending on your personal preference. When you make contact, find out all you can about the physical and financial details of the property in addition to the information you have from our database. For example, find out the condition of the property and its major systems (e.g., roof, plumbing, heating/air conditioning, appliances, and foundation). You are there as a problem-solver, and you MUST learn the full extent of the problems. Also find out the number of liens, type of liens, loan balances, and total amount of arrears. Ask to see any correspondence from the lender(s) that will fill in the details the owners may not be fully aware of or may not full understand. The sooner you can establish yourself as a true professional who needs the complete and honest cooperation of the owners, the sooner you can make a reasonable offer that will help them, and enable you to achieve a profit.

You will need all this physical and financial information to do your research and to determine whether the property represents a good deal, given what you (and your partners, if any) want to do with it. Once you have made the determination, you can then prepare a written contract and submit it to the owners. When you have successfully negotiated the purchase, you must then inform the foreclosure attorney to stop the foreclosure process during the time necessary to proceed to closing and settlement of the purchase transaction.

At first, you generally don't need much of an earnest money deposit when negotiating with property owners. Deposits can be $1,000 or less. Later, of course, you will need to obtain the funding to pay off the current debt on the property

There are two primary points to consider. The first is that all of the debt that encumbers the preforeclosure property remains against the property until it is sold at the foreclosure auction. This means that any "junior" or subordinate debt stays in place, including trusts, second and perhaps even third mortgages, tax liens, assessments, and judgments. Any of these debts incurred by the owner and secured by the real estate, which may exist against the property, must be paid off. Most of the time, there is only one trust deed or mortgage on a property; however, it is of vital importance that you find out about any other possible indebtedness before you spend too much time and money pursuing a purchase of the property.

The second issue is that only the individuals who are named on the title can sell the property. This seems obvious, but it can go overlooked and valuable time can be wasted. All of the owners of the property must agree to sell it to you before a legal sales transaction can be completed. Make sure that you know who ALL the owners are and that they are all interested in selling before you start negotiating a deal. Most homes are owned by individuals or couples, so finding them and negotiating with them should be straightforward. Owners who have co-signors or non-resident partners, and owners who have abandoned the property and may have moved out of the area will obviously take additional time and effort to locate, negotiate with, and get documents signed. Just remember that even one deal that nets you thousands of dollars will make your time well spent.

Some lenders will be interested in offering you a loan to buy their REO; others will not. Some will provide financing to investors; others will only provide financing to owner-occupants. You must communicate with each REO owner to determine its loan policies, along with its financing terms and conditions.

Even though HUD property listings are available to the general public, there is an initial period during which only owner-occupants can submit bids. At the end of the period, if the properties have not sold, the bidding is opened up to both owner-occupants and investors. Properties available to investors are noted in the database.

Also, make sure that your contract package is complete and that it exactly matches your bid. The package, with a copy of the pre-qualification letter and cashier's check for the earnest money amount, must be received within 48 hours after the bidding closed. Otherwise, HUD requires the M&M Contractor to cancel your bid and return the property to the market or offer it to the next highest bidder.

You can use conventional or other financing to buy VA properties. However, you can only obtain a VA loan if you are qualified based on military service and you intend to live in the property as an owner-occupant.

Although Fannie Mae may sometimes make a few repairs to properties to increase their value, the properties are sold in "as is" condition. This means that Fannie Mae does not guarantee any work that may have been done on the property. You will have to check the repairs to validate the quality of the work.

There are three points to consider. The first point is that auctions start on time and are conducted very quickly, so make sure you arrive early and introduce yourself to the attorney to demonstrate that you brought the correct amount of earnest money deposit in the required form. Brief last minute questions may be asked and answered then. Secondly, you should expect to have some competition, even if it is minimal, so make sure you have your bidding strategy and the top price you will pay fixed in your mind in advance. The third point, as mentioned before, is that you must have cash or a cashier's check, and must be prepared to sign the seller's contract and settle the transaction shortly thereafter.