Information About Pre Foreclosure

By: Bob Smith

Indiana foreclosure listings also contain homes in preforeclosure.
Preforeclosure is the beginning stages of the foreclosure process. When a
homeowner fails to make payments on their property, the lender serves
the homeowner with a Notice of Default, or a LisPendens. A Notice of
Default alerts the homeowner that unless funds are paid to the lender by a
date certain, the property will be in foreclosure and is in jeopardy of being
sold. At this time, the homeowner has several choices. The homeowner
can come up with the funds, attempt to sell the property or wait until the
property does complete the foreclosure process.

A homeowner is usually wanting to suspend pending foreclosure actions.
This is a prime opportunity to get in touch with the homeowner and to
determine if a sale can be conducted. If the homeowner is willing to sell,
this gives you the chance to view and assess the property. Additonal
research will be required to determine the amount of any and all loans and
liens currently owing on the property. You will want to be certain you are
purchasing a home with a clean title. After these three steps are
accomplished, you will get a better sense of the potential equity or
potential profit of the home should you decide to resell it at a near future
date.

Be earnest with your negotiations with the homeowner. The homeowner
may be in a desperate situation, however, the transaction will go smoother
if he feels he too is getting a good deal on the transaction. Prepare your
offer carefully. Make sure you review all documentation carefully regarding
the outstanding loans and any outstanding liens, if you purchase this
property, you will ultimately be responsible for them. Be certain to make
the homeowner aware of any and all contingencies that you may have.
Additionally, get documentation in writing from the current homeowner
details as when he will relinquish the property, if he has plans on
refinancing or if he will be able to obtain the funds necessary to preclude
the sale.

Locating and utilizing a comprehensive Indiana foreclosure listing is an
easy and inexpensive way to begin or add to your real estate investment
portfolio. Be sure to navigate to www.e-foreclosuresearch.com , your
Indiana foreclosure listing is waiting for you there.

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