US Foreclosure Listings Key Terms
Understand US foreclosure listings key terms to increase your buying skillsUS foreclosure listings are the lists of foreclosure properties currently available for purchase. Usually foreclosure properties are sold at a lower price than regular properties, making them a great investment opportunity.
The process of purchasing foreclosure properties can be complex unless you know what you are doing. Therefore, if you are a business that invests in foreclosure properties, understanding foreclosure listing key terms will help you make the right decisions.
Pre-foreclosuresPre-foreclosures refers to properties that are soon to be in foreclosure but are currently in limbo, pending legal action against the owner. If you can find these properties, you can sometimes negotiate sales with the current owner, which would put you at an advantage.
Lis pendensA lis pendens is a legal notice to prospective buyers stating that legal action on a property is currently pending. In some cases, learning that a property is soon to be in foreclosure can be a great advantage.
U.S. Department of Housing and Urban Development (HUD)US Department of Housing and Urban Development is a government entity that offers foreclosure listings.
HUD offers extensive foreclosure information, including refinance options and an extensive glossary of terms.
Distressed propertiesDistressed properties refer to any property that is considered to be in bad physical condition. This also includes properties that are in bad financial condition (for example, if the value of the home is less than the amount owed on it).
The Distressed Property Institute is an association of licensed realtors committed to helping people avoid foreclosure.
Assignment of Deed TrustThis is a written document that describes the transfer of mortgage ownership and beneficial interest from one person to another in a home purchase.
Kaktus goes into further detail on all aspects of transferring a deed of trust, including the formalities necessary to complete this process.
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