What Are Pre-Foreclosures
A pre-foreclosure is the time between the filing of a foreclosure lawsuit and the date of the public auction. Buying pre-foreclosed property is becoming popular, because you may be able to buy out the homeowner’s equity and perhaps acquire the loan at a very low price. This means no government interference or need for a real estate broker. Dealing with the seller means more potential for profit.
To locate a pre-foreclosed home you may contact the person who deals with mortgage records or foreclosure actions. This may be the county clerk, prothonatory, registrar or recorder. You can also check you local newspaper’s “Legal Notices” section.
