Bank Foreclosure List

Pre Foreclosure Listings--Your Key to a Great Deal on a House in Any Area

This is an excellent time to purchase a home for very little money. Today's distressed properties are selling for tens of thousands of dollars less than what they're normally worth. The foreclosure crisis has caused many homes to become bank owned, and you can get great deals from the banks that own those homes. After all, banks aren't in the business of owning real estate and want to unload those properties as quickly as possible, which means good news for you. However, there's another option to get great housing deals that you may not have considered. Check out the pre foreclosure listings and you'll be surprised at what you find.

A house is in pre foreclosure when the homeowner is behind on several months of payments and is unable to catch up, but the bank has not yet started foreclosure proceedings. The homeowner knows that foreclosure is imminent, however, and is typically desperate to salvage his or her credit. They know they have to get out of the house by selling it in order to avoid a credit disaster. This is where you can come in and not only offer them a solution to their problem by buying their house, but score a great deal on a home for yourself.

Buying a pre foreclosure is different than getting a foreclosure, because you'll be dealing with the homeowner rather than the bank. The homeowner is in a desperate position and knows that you know it. He's probably more than willing to negotiate with you. Wanting out of the house however he can do it, he'll likely lower the price significantly for you, and may even offer creative lease optioning or owner financing for you. With these houses, you can often get the deal of your dreams.

So how do you find pre foreclosure listings? There are several ways. You can check your local online MLS listings for pre foreclosures, do research at the county courthouse to find which houses are in distress this way, or ask your real estate agent to provide you with a list of sellers in the pre foreclosure period. However you choose to look for these listings, it's well worth it in most cases, as you can grab a beautiful home at great terms and for an excellent price.