The best way to use the E-ForeclosureSearch site is to signup for our seven-day trial membership. You can sign up for trial membership for seven days and all of our foreclosure for sale listings and the property information foreach listing will be available to your instantly. You can end your membership at any time, or you can extend it beyond the trial period for a small monthly fee.
Residential and commercial foreclosure homes can be located nationally or locally, by zip code, state or county. To make searching even easier, wehave drop down "Zip Data" menu that is very easy to use.
Once we receive your registration, you can immediately starty our foreclosure property search.
The following are just some of the sources of our properties:
Our members can try our services for a 7 day trial and if you choose to subscribe to our foreclosure listings services you can do it by month or for a year (annual membership offer substantial savings over the monthly cost.
It is possible to stop your membership at any time. You will receive cancellation instructions when you join, and you can go to our page for "contact" and follow the easy instructions to stop your membership.
If a borrower is unable to repay their loan, the lender may repossess the home to recover some of their losses.
Homeowners and investors can obtain homes at very good prices, often 10-50% the market value of the property.
Foreclosure properties have three stages:
*Note: Properties that previously had loans that were insured by Fannie Mae, HUD or backed by the VA (Department of Veteran Affairs) havean extra stage. The homes that fail to sell at the auctions are returned to the lenders, the government agency that guaranteed the loan repays the mortgagor and takes title of the property. These agencies then prepare to sell the home to the general public.
The first thing the lender does is it files a default noticeor files a judicial lawsuit. What follows is a period of reinstatement, which varies according to each state. The reinstatement period can be from 21 days to12 months. During this time the borrower can resolve the situation by selling the property or paying off the amounts owed.
Foreclosure properties can be bought at discounts of up to10% - 50%. Foreclosure homes provide great investments for homeowners and real estate investors.
Your first step is to do some research about the foreclosures properties, the process of buying foreclosure properties, requirements, and legal issues. The E-ForeclosureSearch.com. website provides you with all the answers you need.
A real estate agent is not usually needed to buy foreclosure properties, unless the properties are being sold by VA, HUD or Fannie Mae.
Pre-foreclosure is the period oftime between the notice of default and when the actual foreclosure takes place. During this period the homeowner can sell the property or refinance, and it also provides the first opportunity for purchase to a potential buyer.
The fastest, easiest and most economical way to locate pre-foreclosure homes is to join our E-ForeclosureSearch.com listing service. Other sources of foreclosure property information can be foreclosure attorneys and advertisings of "Trustee Sales" and "Notice Of Public Sales", but using these sources can be very time consuming and expensive.
The borrower still owns the homein the pre-foreclosure stage. Just get in touch with the owner to get all the information about the home and make an appointment to inspect the home. After you have decided to purchase the home, you need to present your contract in writing to the borrower, and advise the foreclosure attorney to have the foreclosure stopped.
A $1000 deposit is usually expected, and you must be able to provide a proof that you have the additional funds needed to pay off the amountowed on the home.
You should consider two additional issues:
Foreclosure properties are sometimes sold at auction, which are public sales, to the person that submits the highest bid or provides the most advantageous offer. Anyone can bid at an auction, including homebuyers and investors.
The best way to locate foreclosure auctions is to subscribe to a foreclosure listings service such as the one provided by E-ForeclosureSearch.com. Other sources are newspaper and foreclosure attorneys, but these can be time-consuming and expensive.
The payment required initially depends on two things, the owner of the property and the value of the property. Some banks require a minimum payment of $500, or at least 10% of the amount of your offer. Immediately following the auction, you must pay the deposit amount, and most states require that you pay balance owing in full within approximately 30 days.
The biggest advantage is that you can save a lot of money. Since properties can be bought at prices well below the market value, you can realize great return on your investment.
You must keep in mind the following when buying foreclosure properties at auction:
Bank foreclosure properties are also called real estate owned properties or REOs. This homes that remained unsold after the auction and the lender takes it back and sells it.
E-ForeclosureSearch.com offers REO property listings, and you can also find them through real estate broker that specialize in REO sales.
The first step is to examine the home and find out what the circumstances are. When you decide to buy the home, you then present your offer to the lender or to the lender's broker in writing,
An initial deposit of $500 to$5000 is required with the offer, depending on the home and the lender. When everybody involved agrees on the price, date and terms then the balance due must be paid so that the transaction can be completed.
You must have the financing for the property lined up before you make an offer.
FHA is a division of the Department of Housing and Urban Development (HUD) that insures loans to homebuyers. When a homeowner fail to make payments on a loan insured by HUD, HUD pays off the home to the bank and then sells the property at auction.
E-ForeclosureSearch.com offers a foreclosure listing service that provides thousand of listings of HUD homes. There are also more time consuming and expensive ways to locate HUD homes, such as real estate brokers or the federal government.
You can only buy HUD homes atauctions. You must be represented by a real estate broker to submit a bid in writing for you. If your bid is the winner, HUD notifies your agent and you have to submit your contract within the next two days.
A $500 deposit is generally required when you submit your offer in writing. You have 60 days after that to do everything else need to buy the property.
Military retired and active personnel can obtain loans guaranteed by the VA, an agency of the federal government. The agency buys back the properties that the owners have defaulted on the mortgages.
E-ForeclosureSearch.com offers a foreclosure listings service that has thousand of VA foreclosure properties in your area. You can also contact local real estate agents.
A real estate broker must submitthe offer for you. VA will notify your agent if they accepted your offer.
A deposit of $100 minimum, or upto five percent of the value of the home is required.
You cannot obtain a conventional loan on a VA home, so you must qualify to obtain a VA loan. It is required that you live on the property since rental homes do not qualify for VA loans.
Fannie Mae is a federal agency that purchases foreclosure homes from banks and sells them at a discount.
E-ForeclosueSearch.com offers convenient listings of Fannie Mae homes. You can also have a real estate agent help you locate Fannie Mae homes.
A real estate agent must submit your Fannie Mae offer for you. All offers are review after the closing date and the property is awarded to the best offer.
Three to five percent of the purchase price is usually required as a down payment.
You should investigate the home thoroughly before you make an offer to buy the home. Fannie Mae usually repairs the home but those repairs are not guaranteed. Fannie Mae properties are sold "as is."
