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There are several reasons that you might have interest in purchasing a foreclosure house. There are the obvious personal reasons. But, as a business, foreclosure houses are a great investment. Even if the houses are in disrepair, you can still often obtain a profit when you place them back on the market. As you explore foreclosure houses as a possible investment, there are few terms you need to be aware of, including the different phases of foreclosures.

Lis Pendens

Lis Pendens, or LIS, is the second part of the pre-foreclosure process. When a buyer defaults on mortgage payments, he first receives a Notice of Default (NOD) as a warning. The Lis Pendens follows as a notice of lawsuit filing.
Try: Visit Foreclosure for more information on Lis Pendens and how, as an investor, it can open a great opportunity for you to purchase property.

Short sale

A short sale is when a homebuyer, who missed a mortgage payment, makes an offer to purchase the house from the bank for less than the amount still owed on the mortgage. This is an effort to avoid foreclosure.
Try: Mortgage News Daily provides more information about a short sale.

NFS

NFS stands for notice of foreclosure sale. NTS, notice of trustee sale, is equivalent when it comes to foreclosure. Both mean that the house is under foreclosure and typically sold at auction.
Try: Access the Trulia blog for more information on NFS.

REO

REO stands for real-estate owned. Also known as bank-owned, this is the last stage in the foreclosure process. The lender takes possession of the property and then sells it to recover its loss.
Try: RealtyTrac has more information on various types of foreclosure. Scroll down for an explanation of REO.

HUD home

A HUD home is a foreclosure house sold by the U.S. Department of Housing and Urban Development because it became HUD property due to its FHA-insured mortgage.
Try: Find more information on HUD home foreclosures from the U.S. Department of Housing and Urban Development.

Market value

The market value of a house is the price a buyer would pay in a typical sale. In regard to foreclosures, it gives buyers a basis of comparison as to what you would pay for the property if purchasing under normal circumstances.
Try: Zillow uses the Home Value Zestimate to provide market values of houses.

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Are you looking for foreclosed homes in your area? Homes that have been foreclosed on by the bank or government are often available for prices that are substantially below average. Many of interested buyers find the homes they are looking for through foreclosure listings.

Foreclosure listings are available from reliable providers nationwide. These providers maintain lists of foreclosures available in different regions, which they can furnish to buyers looking for homes. Homes may be foreclosed on for a variety of different reasons by banks and other lenders as well as the state, local and federal government. Such foreclosed properties are often in turn put back on the ... more