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What is a Pre-Foreclosure? How Do I Purchase? How Much Risk is Involved?

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.

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 Feature Articles, your Indiana foreclosure listing is waiting for you there.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Ernani Uchoa regularly writes for E-ForeclosureSearch. If you want more information on Indiana Foreclosure Listings and other real estate- related topics, you can visit www.e-foreclosuresearch.com/.



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