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How to Find Foreclosure Homes That Meet Your Needs
While there are multitudes of ways to find foreclosure homes buyers should be careful not to be led down the garden path and into high-priced but run-down homes. It is a good thing that there are volumes of information and knowledge a buyer can acquire to ensure they are not making a mistake when purchasing distressed properties.
The first thing to be familiar with are the stages of foreclosures as buyers can find foreclosure homes to buy in any of these stages.
Pre-Foreclosure Stage
This stage commences after the lender sends a Lis Pendens notice to the home owner who has not paid their monthly mortgage for at least three months. This is also a notice to alert the public that the home is up for sale. During this stage sellers can still update their loan to hold on to their property. Some home owners opt for short sales during this phase. They ask their lender’s permission to sell the home at a price that is lower than their loan balance. Lenders are amenable to this type of sale because this is more economical than foreclosing on a home.
Foreclosed Home Auctions
Once foreclosure is made final, the lender will attempt ... more

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