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A pre-foreclosure property is one that hasn't gone into foreclosure as of yet but is distressed. The owner of a property in this state has become deficient on the loan of the property. However, the lender of the loan of said property has not repossessed it at that point, whereas, foreclosure property is one that has already been repossessed and is then sold because the owner of the property has not paid his mortgage in accordance with the terms of it. The owner of a property in the state before foreclosure is in a period of grace where the owner is allowed to sell his or her property and repay the mortgage company the loan. In addition, the owner of these types of properties may also qualify for help from the US Department of Housing and Urban Development, or HUD, to sell their property.
Many properties in the state prior to foreclosure are sold below the market value since the owner is under pressure to sell it before it goes into foreclosure. In addition, many of these properties also require some work, which is another reason they are more likely to be sold below the market value. If you are looking to invest in a property that is in a state of pre-foreclosure, there are many information options out there. Business.com is one excellent resource for finding information about these types of properties. The website provides numerous links that can help you find property listings, learn about how investing in these types of properties can benefit you, and find real estate agents who deal with properties of this type.