What are the rewards of subscribing to Mostly Foreclosures?
Why do so many investors interested in real estate foreclosure home subscribe to Mostly Foreclosures's Listing service? We have the best access to foreclosed properties on the internet. We make it simple for real estate investors to increase their personal wealth through foreclosed home investing by providing:
- Full staff of highly qualified real estate pros
- Our extensive database of foreclosed properties
- Up-to-Date foreclosure listings
- Local and national listings
- Always, at your service Customer Support
And those are just a few of the advantages of using our Pre-Foreclosures, Foreclosure Listings, repo houses, Repossessed Property search!
What types of foreclosures are listed in your database?
Our catalog of foreclosed homes and land come from many sources. Some are government foreclosure properties such as Housing and Urban Development (HUD) homes, some are Veterans Affairs (VA) homes and some are lender owned REOs. We list sheriff's auctions, trustee's sales. We list single and multi family foreclosure homes. And even have default notices on pre-foreclosure homes and real estate tax liens
What information do you provide for each listing?
Our Pre-Foreclosures, Foreclosure Houses & Repossessed Property database contains the following listing information:
- All Available Property Photos
- Property size, cost and type and Listing entity
- an estimated payment schedule derived from a 30 year fixed-rate
- Full address and contact information including telephone numbers and email addresses
Do I have to sign up for a whole year?
Unlike other foreclosure listings services on the internet you can sign up for only 7 days, monthly or annually with MostlyForeclosures. Cancel at anytime. No annual contracts. No lifetime commitments. Please note: Cancellation requests cannot be made via telephone, email or fax.
How do I cancel my membership with your foreclosure listings?
Canceling your subscription is as simple as selecting the link marked: Cancel your membership. Complete the online document and continue and online instructions and your MostlyForeclosures is cancelled.
General Questions:
What are real estate foreclosures?
Real estate foreclosure is when a mortgagee's right to redeem a mortgage is taken away by the lending institution. Often homes are foreclosed by the lender because mortgage payments have not been made. And foreclosure ensures, through legal proceedings, that the lender has a means of restitution on the defaulted loan.
Since the lender wants to cover their loss, they offer foreclosed properties at deep discounts.
For a real estate investor, the below market prices on foreclosed listings means you can easily make profit. For the new home purchaser, it means being able to afford a home that may have otherwise been out of your price range.
What are the stages of real estate foreclosures?
There are many stages in the real estate foreclosure process:
- Pre-foreclosures: At this stage, the first legal proceeding takes place by the lending institution against the property owner. The Mortgagee has the opportunity to settle his/her mortgage debt.
- Foreclosure Sale Real Estate Auction Property: If the debt is not settled the property then goes to auction; giving a new home purchaser or real estate investor an excellent chance to purchase a foreclosed property.
- Real Estate Owned Property (REO): If the foreclosed listing has not been purchase at auction, the lender gets the listing back.
- Government Agency Ownership: If the property's loan was insured by Fannie Mae or Housing and Urban Development or if the property was guaranteed by Veterans Affairs, the government agency of note will reimburse the original lending institution and take possession of the foreclosed home or foreclosed property and sell it to the public.
How do lenders foreclose on home and land owners?
While each state has its own procedures regarding foreclosing on properties, some foreclose steps remain the same:
- The lender must record a notice of loan default with the courts or file a lawsuit against the property owner.
- The Mortgagee is then given a reinstatement period. During this period the homeowner has the opportunity to refinance or sell their property.
Can people make money purchasing foreclosure properties?
Price reductions and below market value listing prices are what foreclosure homes such great investment properties.
Home owners have the opportunity to purchase properties that may have otherwise been price out of reach. Real estate investors, with an eye for value, see that foreclosure homes offer a way to purchase a home, increase it's value with a few minor repairs (if needed) and sell that property for a hefty profit.
How do I start investing in my future by buying foreclosure properties?
This is the first question that many new to foreclosure property investing ask. We have created Mostly Foreclosures as your one stop resource for all the information that you need on Foreclosures, Foreclosure Listings, Houses and Repossessed Property. In addition to our comprehensive local and nationwide real estate foreclosure listings database, here's a sampling of the information you'll find listed on this site:
- Information on understanding foreclosure
- Information on finding foreclosure homes
- Information on Foreclosure investing
- Information on purchasing, repairing, and selling foreclosure homes
Do I need a real estate professional in order to buy foreclosure properties?
While a real estate professional is needed to purchase a government owned foreclosure property, no such entity is needed to purchase Real Estate Owned (REO) Properties. In fact you do not need a broker or agent to purchase pre-foreclosure properties or auctions properties. Often pre-foreclosure properties can be purchased from the property owner prior to the home even going to auction. Other resources that you enable you to purchase foreclosed homes without need of a broker from include:
- Foreclosure attorneys
- Public auction auctioneers
- Lenders after they property repossession
Pre-foreclosures:
What is a pre-foreclosure property?
Pre-foreclosure is the first public notice that foreclosure proceedings will take place on a property. The main purpose for pre-foreclosure is to give the Mortgagee time to sell their property or make good on their loan with their lender. For you as a real estate investor it gives you a "first look" at the foreclosure listing and the opportunity to begin the purchasing process.
How can I find available pre-foreclosures?
The OLD way for finding pre-foreclosure properties was to spend hours searching newspapers for "Notices of Public Sales" aka Trustee Sale information or getting foreclosure property availability information from foreclosure attorneys. The NEW way of finding pre-foreclosure properties is by using our online foreclosure listings service. We scrub the information for you and make sure that the foreclosure property information is current.
How can I purchase pre-foreclosures?
The simplest way to buy a pre-foreclosure property is to contact the property owner personally. Call or write them a letter; they are still the property owners after all. Most importantly, they will know about the physical condition of the house as well as the financial details on the property.
You must submit a written contract directly to the owners in order to purchase a pre-foreclosure property
Once you get all the pre-foreclosure property details, you'll be able to figure out how much profit this foreclosure listing can make for you or if the property will make a good home for you and your family. If this is the right pre-foreclosure property for you, send a written contract to the owners and get in touch with foreclosure attorney to halt the foreclosure proceedings.
How much money do I need to as a deposit on a pre-foreclosure property?
While this number varies, the amount needed as a deposit on a pre-foreclosure property is usually under $1,000.
What should I be alert of when purchasing pre-foreclosure properties?
Two issues of concern when purchase pre-foreclosure homes are:
- Inherited Property Debts: Pre-foreclosure properties continue with the home until the time of auction. If you purchase a pre-foreclosure property you inherit the debts.
- Title Ownership: The actual property title holder must sign the bill of sale
This is why getting information prior to making a pre-foreclosure purchase is of the utmost importance.
Auction Properties:
What is a foreclosure auction?
A forclosed property auction is like any other auction - property is sold to the highest bidder. Remember, you are going to be bidding against other potential investors. So prepare in advance and know how much the property is really worth and you'll end up with the most profit.
How can I locate auctions of foreclosure listings?
The OLD way, like with a pre-foreclosure property search, you can spend hours searching or getting foreclosure property information from foreclosure attorneys. The NEW way of finding pre-foreclosure properties is by using our online foreclosure listings service.
How much money do I need to as a deposit on properties at auctions?
This amount will depend on what the property's value is and/or the seller. This amount may be as low as $500. Remember that once the winning bid is in place, you will have a short window of time to come up with the balance due.
What are the rewards of purchasing foreclosure properties at foreclosure auctions?
The biggest advantage is the savings to you as an investor or future foreclosure property home owner. Purchasing a property that is way below market value translates to major profits and tremendous savings on the home of your dreams.
What should I be aware of when buying foreclosure properties at auctions?
- Cash or a Cashier's Check is necessary to settle on a price.
- Foreclosure Actions take place in an efficient manner. Be there early. Be there on time.
Another consideration is that foreclosure property auctions are often times postponed.
Real Estate Owned (REOs)
What is an REO?
Real Estate Owned Property (REO) properties are bank foreclosures. If a foreclosed listing has not been purchased at auction, the lender purchases the listing back.
How do I find REO Properties?
As with other foreclosure listing search processes, you can scour many traditional foreclosure listing sources, word of mouth searches and Real estate professionals who specialize in REO listings. We recommend saving your self time by starting your property search with our foreclosure listings database.
How can I purchase a REO that I find in your Listing Service?
Know about the property's condition and the financial details before purchasing a Real Estate Owned Property. Once you know all the REO property details, submit a contract to the lender's broker or to the financial institution.
How much money do I need as a deposit on REO listing?
The deposits on REO properties can vary from as little as $500 down to upwards of $5000. Again, your deposit payment on this type of foreclosure listing will be contingent upon the property value and the lender's policies. Once all of the contract details have been settled, you will need financing in place to complete your REO foreclosure purchase.
What should I be aware of when purchasing REO properties?
Getting the right information prior to purchasing an REO property will save you precious time. Research the lender. Find out what policies they have in place for purchasing real estate owned properties. Can you obtain a loan from them? Asking questions is key, because some banks have restriction on REO loans and you need to have funding in place prior to closing your new foreclosure purchase.
HUD Repossessions
What are HUD foreclosed homes?
HUD foreclosed homes are managed by The Department of Housing and Urban Development. HUD is a government entity that insures property loans. As with any other lending institution, the Department of Housing and Urban Development will foreclose on a property if the owner defaults on their financial obligation.
How can I find HUD homes for sale?
Mostly Foreclosures is the #1 source for HUD foreclosure home listings. We provide nationwide foreclosure listings and HUD homes in your neighborhoods are find in our database.
Search for a Housing and Urban Development foreclosure listing by size, type or area. In addition to providing all of the most up-to-date HUD listings, we also have information on real estate professionals who can assist you in purchasing your HUD investment property.
How can I purchase a HUD home I've located in your listings database?
A real estate broker is very important in securing a HUD home. Your broker must be the one who submits the property auction bid on your behalf. It is also this broker who will be notified of the status of your bid - whether it had been accepted or not. Once accepted, that broker must put your seller's agreement in order within 48 hours.
How much money do I need to purchase HUD homes?
The wonderful aspect of HUD is that their goal is that everyone own property. Ass such, they keep fees on HUD homes lows. Often deposits are only $500 down. In some case HUD even allows you up to 60 days to secure funds to complete your agreement on your HUD foreclosure home.
VA Repossessions
What is a Veterans Affairs foreclosure?
The Department of Veterans Affairs role in foreclosures is to assure the security of mortgages issued to military personnel. Veterans Affairs repossessions are acquired from institutions who have secured the credit on VA homes. Should a lender foreclosure in such a property, Veterans Affairs sells the property.
How can I find Veterans Affairs foreclosure properties?
Many foreclosure investors and home seekers will waste time contacting local real estate professionals for information on VA foreclosures. Don't waste your time. Start searching our database of VA foreclosures properties today, and get a leg up on the competition; then contact a broker.
How can I buy a Veterans Affairs home?
Once you have found the Veterans Affairs properties that you would like to purchase from our database, submit an offer to a broker. The broker, acting on your behalf will submit an offer and let you know of the outcome.
How much money do I need to purchase a VA property?
Unlike other foreclosure homes, loans on VA foreclosures must be endorsed upfront and you must put 5% down for the deposit.
What should I be aware of when purchasing Veterans Affairs homes and land?
The must important piece of information that you can have on a VA foreclosure is this: You must be planning on living in the home to obtain Veterans Affairs loan.
Fannie Mae Repossessions
What are Fannie Mae properties?
You may have heard the name Fannie Mae before. But few know that Fannie Mae is actually the Federal National Mortgage Association (FNMA). Fannie Mae acquires foreclosure homes from lending institutions and sells them below market value to the public.
How can I find Fannie Mae estate?
Locating Fannie Mae listings and real estate professionals who specialize in Fannie Mae Foreclosures is simplified when you use our extensive foreclosed home database as your search starting point. Start your search now.
How can I secure a Fannie Mae home?
As with other bank owned or lender backed foreclosure listings, your deal must be administered via a real estate professional acting on your behalf. They will contact Fannie Mae; submitting your bid at auction and negotiating the price.
How much money do I need to in advance to get a Fannie Mae property?
A good faith deposit of 3% to 5% of the asset's price is mandatory by Fannie Mae.
When purchasing Fannie Mae properties, what should I be aware of?
The great aspect of purchasing a foreclosure property from the Fannie Mae organization is that they will home repairs. However they make no assurances as to those repairs. So do your homework first and make sure that the repairs will not need additional investments from you.
