A foreclosed property is one in which the homeowner stopped paying their mortgage and their lender took steps to sell the property to make up for the loss. If the property did not sell at the public auction at the courthouse, the property becomes "bank-owned" or known as "REO" property.
A pre-foreclosure property is where the homeowner is in default and the lender has begun issuing notices of default to the homeowner, but the bank has not yet initiated foreclosure proceedings.
Search for current and upcoming foreclosure sales in your area with RealtyTrac. This site will give you property listings as well as information on properties that have experienced any foreclosure activity. Navigating today's foreclosure world can be tricky. Properties in "pre-foreclosure" may or may not be actively on the market or offered for sale. And despite what you hear in the media and advertising, consumers cannot buy properties directly from banks. Call me about any properties you see here.
I teach classes on the different types of foreclosures and how to buy them- Give me a call today to find out when these classes are available.