What Does `Pre Foreclosure Listing' Mean?

A pre foreclosure listing is the first step of the entire foreclosure process. It is during this time that legal proceedings are started against the person in debt.

The lending or financial institution files a case against the property owner, which means that the latter is given one last chance to pay off the mortgage before the property is officially foreclosed. If the loan is not paid in the pre foreclosure listing stage, then the actual foreclosure will take place and the property in question is put up for public bidding.

There are instances where the property may not be sold during the auction and in this case, the foreclosed property reverts back to the ownership of the lender.

Turning Tables – Looking for a Pre Foreclosure Listing?

A pre foreclosure listing can spread like wildfire and getting to them before anyone else does is the real challenge. The pre foreclosure listing that you will find on the Internet is probably the least updated version since it will have passed many hands before being uploaded on the website. If you do come across a pre foreclosure listing, you have the option of contacting the owner directly and proceeding with negotiations yourself without passing through an agent or the bank. This means that you will have more bargaining power since property owners are more than willing to get the property off their hands instead of going to court.

The County Clerk and County Recorder's Office are two places that are often overlooked when locating a pre foreclosure listing. A notice of default or notice of sale are often posted at these offices as a matter of legal procedure. You are also entitled to look through records at these offices for absolutely free. Government foreclosed properties are also available through various government agencies.

When ownership of a property reverts back to the lender, then these are passed on to an asset management company to be sold off. You can try getting in touch with these companies in your area and they will be more than happy to provide you with listings of their foreclosed properties.

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