In today's real estate market many homes are facing or have already gone into foreclosure. If you are someone who is looking to start investing in real estate now is the time. There are many ways of obtaining property that have been foreclosed on.

Preforeclosures:

Preforeclosure is the period before the notice of default is filed. There are advantages to buying in the preforeclosure stage over the foreclosure auction:

1) You are given the chance to inspect the property, unlike when you buy at the auction. This provides you with the opportunity to determine the condition of the property and to budget in the cost of repairs. This eliminates any surprises.

2) You will provide the owners a way to keep their current credit standing by avoiding the damage resulting from foreclosure. This will give the owners the incentive to provide you with the best deal for purchasing their home.

3) The terms of sale are more flexible and if the terms are not acceptable to you then you can just walk away.

Foreclosure Auctions:

These are properties that were not sold during preforeclosure. This can be a way to avoid negotiating with the sellers during the preforeclosure stage. There are some disadvantages to purchasing in an auction instead of in a preforeclosure sale.

1) In the preforeclosure stage you work directly with the owners so you will know what to expect. In the foreclosure auction you don't know the type of people you will be going up against.

2) In foreclosure auctions things can get nasty and sometimes even dangerous.

3) In a foreclosure auction the terms are not negotiable and they are final. You are not able to just walk away from the sale because you are not happy with the terms.

REO (Real Estate Owned) Investing:

These are properties that the lenders have taken over after they failed to be sold at a foreclosure auction. The lenders will try to sell these properties as quickly as they can. Banks do not like to hold on to properties very long. Investing in REO properties is great for the first time buyer.

There are other ways to purchase properties that have been defaulted on besides those listed above, such as; Sheriff Sales, Bankruptcies, Tax Liens, etc.

More info on your stop foreclosure information search:

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