Purchasing foreclosed homes and properties is a great way to either become a home owner or make a profit buying and selling real estate. The foreclosure DB allows users the ability to browse through a national listing of all properties in any stage of the foreclosure process from pre foreclosure to foreclosure ending in REO (bank owned) properties. The foreclosure process falls within the realm of the legal system and must follow strict guidelines which give the occupant fair legal rights under state law.
The foreclosure process is fairly long and gives occupants time to negotiate with the lender or a third party to come to a resolution. When no resolution can be agreed on the property will be foreclosed on and will be auctioned off to the highest bidder. If no party bids on the real estate the lender is the owner of the property and it is now considered to be an REO property or a Bank Owned property. If a third party does place a bid on the property they are the new owner and are expected to pay the amount of their bid in full at the time the auction ends. For those wanting to purchase a foreclosed property at auction but do not have the entire amount available in cash, their are lending companies called hard money lenders that will pay the cash price for you - they will require a 20% down payment and charge between 2 and 4 points plus a high interest rate (around 12%) until you are able to pay back the80% you borrowed.
Foreclosure Listings by State
Search foreclosures and REO property lists using the map below