The 4 Stages of Finding Foreclosure Properties

Every time you turn around, the word "foreclosure" is all over the news! So, if you're a homebuyer looking to buy a foreclosure property or an investor wanting to learn how to invest in foreclosure property, then you're timing couldn't be better!

There is a lot out there on foreclosures; from how to stop your own foreclosure to how to "get the deed". You could probably go to a different foreclosure seminar every other night for a month to learn the tips, tricks and tactics.

But... none of that matters unless you know how to FIND FORECLOSURES. It doesn't matter how you negotiate with homeowners, what you say to the banks, or what paperwork you need to have if you don't find the foreclosures first.

We define 4 marketing stages during which you can find foreclosures: "pre" pre-foreclosure, pre-foreclosure, foreclosure auction, bank owned real property (after the foreclosure)

1. "pre" pre-foreclosure: This is the one that most people are confused about! This is NOT the same as "pre-foreclosure". This is BEFORE the foreclosure ever even begins. It's the time during which the homeowner realized he/she is going to be late on payments - or is even a couple of months behind - and the point at which the bank starts the formal foreclosure process. Properties you can find at this stage are "gold" because the homeowners aren't yet being bombarded by foreclosure investors. Finding pre-foreclosure sellers here takes a little more creativity and ingenuity. This is where marketing and advertising play a huge role as well as networking.

2. Pre-foreclosure: This is the "hotspot" for investors. This is when people are getting hundreds of letters and postcards from hungry foreclosure investors. This stage can last several weeks to several months or even longer. The key to finding foreclosure properties at this stage is consistency and persistence. There are a number of strategies that you can use at this time ranging from door knocking to a sequential foreclosure mailing and anything in between.

3. Foreclosure: We define this stage as the "auction"; the actual sale at the courthouse. This is not recommended for home buyers simply looking for a great deal on a foreclosure property nor do we recommend it for an investor unless you are quite advanced and have a good team working with you because there are a lot of considerations that could wind up costing you money if you're not careful.

4. Real Estate Owned (Bank Owned) Foreclosures: Foreclosure properties reach this stage when nobody purchases the home during the first 3 phases and the bank takes it back. There are lots of good deals to be had once the bank takes back the foreclosed property. You will need a good Realtor that knows how to handle the banks to help you here, but you can find foreclosure deals well below market value here.

Each of these 4 stages of provides great opportunities for finding foreclosures. Depending on where they are in the foreclosure process will determine how you will locate the sellers, how you will market to them, and how you negotiate the deal.

Article Source: http://www.marriagearticles.net

Heather Seitz is the author of Finding Foreclosure Deals and the founder of The Real Estate Training Academy, LLC. Get your free foreclosure case study and your foreclosure marketing tips newsletter at www.FindingForeclosureDeals.com.

Please Rate this Article

Not yet Rated

Click the XML Icon Above to Receive Buying A House Articles Via RSS!

To Plan Your Wedding Like the Pros ... Click Here!

To Find Great Shower Ideas Click Here!

For a Fairytale Wedding on a Budget ... Click Here!

Additional Articles From - Home | Creating A Home | Buying A House

Bridge Loans Can Be a Useful Tool - By : Jonathan Hansen

Proper Planning for a Home Purchase Can Eliminate ALL of the Stress - By : Jonathan Hansen

Find the Best Place: Relocation - A New and Better Way to Move - By : Glen Franklin

Buying At a Foreclosure Auction - By : Kris Koonar

Auctions: Not Just for Foreclosures - By : James Klobasa

Tips For Buying Your First Home - By : John Pawlett

Should You Become A Landlord - By : John Pawlett

Using a Lease Option To Buy A Home - By : ameen kamadia

Bend Oregon Real Estate - Buying a New Home - By : Jim Johnson

How To Buy A Home - By :

AUTHORS/WRITERS

	Print This Article
	Add To Favorites
	Email to Friends
	Ezine Ready

PUBLISHERS

Best Man Without a Speech?
Click Here For Help!

The Original Amalaki

Take charge of your health ... Take Zrii!

SITE INFO

Announcements
About Us
Contact Us
Link to Us
Article Partners

Visit one of our Shops
for Great Products

Alternative Healing
Fitness & Exercise
Chronic Conditions
Emotional Wellness
Nutritional Products
Stress Management
Family Wellness