Hi, I am very new to this area, I mean real estate. I am not even from America. But I see a lot of oppotunity in it. So I decided to try it out.
I am starting my very first marketting campane. When I tried to get listing for foreclosure, I was kind of confused. Who is the best candidate to do short sale? Can you still do short sale if the case already in foreclosure? Or it must be pre-foreclosure?
Please help me out here!!
Pre-Foreclosure - when a homeowner gets a notice of default or Lis Pendens when they get 90 behind on payments.
Foreclosure - what happens after the home goes to the auction block.
Join a REIA club and meet the vendors. Somebody can produce a list for you if dont want to go to the courthouse to research the names.
You will want to concentrate on Pre-Foreclosure until you understand it comlplete and do the deals.
steve
Couldn’t help but respond to this - I’m sure I’m alone on this but its one of my pet peeves:
Preforeclosure: Means not in foreclosure. Loan could be current, delinquent, whatever.
Foreclosure: Means in foreclosure (notice of default files, lawsuit filed, etc.)
I don’t know who came up with the term preforeclosure meaning in foreclosure but not completed yet. That’s like saying pre-cancerous means you have cancer, you’re just not dead yet. Lousy analogy but perhaps you get my point.
Pre-Foreclosure - when a homeowner gets a notice of default or Lis Pendens when they get 90 behind on payments.Foreclosure - what happens after the home goes to the auction block.
This is only my opinion, but this is the only way I have ever thought of it, well, maybe except for the 90 day thing.
“Pre-foreclosure before the bank, foreclosure after the bank.”
couple of definitions I found…
Pre-foreclosure sale: allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.Pre-foreclosure sale:
A procedure in which the borrower is allowed to sell his or her property for an amount less than what is owed on it to avoid a foreclosure. This sale fully satisfies the borrower’s debt.Pre-Foreclosure Sale: When the lender agrees to allow a delinquent borrower to sell the house to avoid foreclosure.
The above uses the word “foreclosure” as an action or act. Once the foreclosure has taken place, then it becomes a REO or aka a “foreclosure”.
“Pre-foreclosure before the bank, foreclosure after the bank.”
Just my opinion.