The first two could be surer bets because the seller's bank is already on board with the sale. Those listed as short sale, pre-approved by bank, subject to bank approval, third-party review required are properties where more is owed on the mortgage than the purchase price. Pre-foreclosure properties will be designated by a bunch of different terms, according to Freddie Mac.
Online Real Estate Marketplaces: Pre-foreclosures and REOs can be found on real estate websites like Zillow.Homeowners that are in the missed-payments stage aren't technically in foreclosure yet, so you may never know the homeowner is in trouble by a real estate listing, but a real estate agent can often see what is owed on the property on the MLS. The MLS: The MLS will have pre-foreclosures and REOs.You may also find out that a homeowner is in financial trouble in the missed-payments period through word-of-mouth or social media. Local News Sources: Those initial foreclosure filings are often published in the local newspaper, as are auction notices.You can also check the county mortgage records for what is owed on the property. Check your state laws covering the foreclosure notification process to find out exactly where to look. County Records: Once the foreclosure process has been initiated, it is a matter of public record, as is the notice of sale for an upcoming auction, so there should be a record filed with your county courthouse.
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