All loans come with the risk of foreclosure. Because of this risk, collateral and other valuables are obtained by the bank or the creditor in order to protect them from losing all their money if the borrower fails to make their payments. When this happens the bank can foreclose on the loan and place the collateral property on the market for sale. The lists which contain these foreclosed items are called foreclosure listings. A foreclosure listing is, in effect, a one stop shop towards obtaining foreclosed property. From houses to cars or even antiques, there's always something in store that will interest most buyers. Through the foreclosure listings interested purchasers can find out the foreclosed item's price, specific details, location etc.

Real Estate Foreclosure Listings

Most often, when people thing of foreclosures they think of foreclosed property. A bank will foreclose on a property when the borrower fails to make their mortgage payments. Such properties will often end up on a real estate foreclosure listing.

To be included in the list, a property must meet certain criteria:

1. First, it must be duly considered by the law as foreclosed. This means that it has undergone all the correct procedures and was investigated by the court.

2. Second, foreclosed properties always come with a definite timeline or schedule which must be met. A foreclosure listing can only place properties on the list on, or a day after, the date set by the court. Those properties which have not yet reached the prescribed date can be placed on another kind of list which is called a pre-foreclosure listing.

Ordinarily, foreclosure listings will come with certain tools in order to give the buyer an insight into what the pending purchase might be like. The particulas will be similar to those normally produced by a realtor when a propery is put on the market. There are usually photograhs of the property, measurements such as room dimensions, number and type of rooms and land area etc. Ideally, contact numbers and names both from the creditor's and the debtor's side are also recorded to allow the potential buyer easy access.

Finding Foreclosed Property

A foreclosure listing can be found through many means but in the case of real estate the easiest route to finding one is to contact your realtor. Most real estate companies have lists of properties that have been foreclosed and will show them to interested buyers, especially where they are looking to save time or money. You may also find foreclosure listings through accessing various government websites. Most of the time the listings are categorized according to state or city which will help you to speed up and narrow down your search. Also, these sites will enable you expand your search as you will have access to foreclosed properties that are located out of state.

All sales made through the foreclosure listings are reflected in the public record. This is because properties involved in foreclosure may come with legal issues. Such transparency is relied on in order to assure that any and all conflicts have been resolved by the debtor and the creditor.

All in all, a foreclosure listing is an effective tool for both the buyer and the seller. Firstly, it helps the creditors get their share of the unpaid debt. Secondly, it assists the debtor to lose some if not all of his or her obligations to the creditor and thus end the debt. Lastly, it helps buyers find their way to a property that they might not normally be able to afford.

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