Pre-Forclosure Opportunities

When a home is going through the process of foreclosure, there are several steps. First a home owner has to get behind on their mortgage.

After becoming 90 days or more late on their mortgage, a Notice of Default will be filled. This is a public record often referred to as a NOD. Once this has been filled there is a designated time period that must go by to allow the home owner the chance to bring their mortgage current or work something out with the bank.

Next the bank will file another public record known as a Notice of Trusties Sale, or NOT. The NOT has another time frame to allow the borrower a chance to bring their loan current including all legal fees and late payment fees otherwise the home is sold on the court steps to the highest bidder.

In the case where the value is less than the mortgage owed on the home the first mortgage holder buys the home at auction for what is owed to them. This property then becomes a REO, or Real Estate Owned property.

Since these notices are public they can be obtained from the county by anyone. This can be an advantage to the real estate buyer. You as the buyer can get advanced knowledge of homes that will come on the market before they are on the market and drive by them to see which homes you are interested in. I have these lists on my website at http://www.scottivey.net for you to look at. Just click the Pre-Foreclosure link.

If you see a home you like just give me a call and I can verify its availability for you. 916-899-4839