How to search foreclosure properties and real estate homes:

• How do I start using ForeclosureDeals.com website?

  Our 7-day trial membership is the best way to start. The 7-day trial gives you access to all our listings and all the information available for each property. You can log in and start searching for foreclosure homes immediately after signing up for the trial membership. You may cancel your membership at anytime, or you can choose to continue your membership to ForeclosureDeals.com for a low monthly fee.

  You can search for residential or commercial properties locally or nationally, by state, county or zip code. Our easy to use "Zip Data" pull down menu makes searching even easier.

• What are the advantages of subscribing to ForeclosureDeals.com?

  • access to local and nationwide listings
  • greater than 1.5 million listings in the databank
  • daily updates of listings and information
  • access to 65 highly qualified real estate professionals
  • 24/7 customer service
  • Listings that include satellite photos and area profiling
  • Instant access to Google's Street View feature for select properties where available
  • Yahoo! Real Estate Educational Profiles detailing the local schools
  • Yahoo! Real Estate Neighborhood Profiles detailing all kinds of statistics on neighborhoods in which you´re considering buying property
  • Access to lots of information such as the cost of living, median incomes, climate information, health statistics and much more
  • Access to detailed information on the property available through the Zillow real estate network
  • Aerial picture of the property powered by Bird´s Eye View from Microsoft Virtual Earth
  • Exclusive search filter option
  • A Free Foreclosure e-book as our gift detailing the secrets of the pros when it comes to foreclosure investing

• What types of properties are listed in your database?

  Our database contains properties from the following:

  • VA (Department of Veterans Affairs)
  • HUD (Department of Housing and Urban Development)
  • other government agencies (i.e.: Fannie Mae - The Federal National Mortgage Association (FNMA))
  • real estate tax lien
  • foreclosure homes - residential and commercial
  • pre-foreclosure information such as notices of default and trustee sales
  • REO (real estate owned)
  • Sheriff's auctions
  • Bankruptcies

• What information is provided for each property? (Whenever Available)

  • Photos
  • Style
  • Bed/Bath
  • Size (square foot)
  • Price
  • Address
  • Approximate monthly payments based on a 30-year fixed-rate mortgage
  • Contact information including telephone number and email address.
  • Maps and Location provided by Google Earth
  • Front view photos and 360º Streetside views from Google Street View feature
  • Neighborhood Profiles
  • Climate information on the community surrounding the property
  • Health statistics on the community surrounding the property
  • Crime statistics on the community surrounding the property
  • Detailed economic reports on the community surrounding the property
  • Aerial picture of the property from the Microsoft Bird´s Eye View feature
  • Property school district information
  • Property Appraisal - Estimated Value (by Zillow)

• Am I obligated to sign up for a whole year?

  You may sign up only for the 7-day trial membership. After the trial membership is over you may choose to continue your membership on a monthly basis, or you may choose an annual membership for extra savings.

• How do I cancel my membership?

  You can cancel your membership at anytime by clicking the "Cancel your Membership" link located on the Contact page. Follow the directions to complete the cancellation process.

General Questions:

• Define real estate foreclosures

  A real estate foreclosure is a legal process that gives a lender the right to repossess a home that a borrower was unable to repay, in order to secure their loan.

• What are the benefits of purchasing a foreclosure property?

  Investors and homebuyers can find properties below market value, anywhere from 10% to 50% discount.

• What kinds of foreclosure properties are there?

  There are three stages to foreclosure properties:

  1. Pre-foreclosure - the first legal action taken by the lender, where the borrower is given the opportunity to settle the debt. One of their options is to sell the property before it is repossessed entirely.
  2. Auction - if the debt is not settled in the pre-foreclosure stage, the property goes to auction.
  3. Real-estate owned - if the property is not sold at auction, the listing is returned to the lender and becomes a real-estate owned property for sale.

  * Properties that had loans insured by a federal agency like HUD, Fannie Mae, or guaranteed by the Department of Veterans Affairs, conclude in a fourth stage. When these properties return to the lenders after failing to sell at auction, these agencies compensate the lenders and take ownership of the property. The agencies then make preparations to sell the property to the public.

• How do lenders foreclose on property owners?

  The lender files a judicial lawsuit or records a notice of default. There is a reinstatement period which varies in each state. It can be as short as 21-days, or as long as 12 months. The reinstatement period gives the borrower the opportunity to resolve the problem.

• Can people make money buying foreclosure homes?

  Foreclosure homes are bought at discounted prices, anywhere from 10% to 50% below market value. This makes a great financial opportunity for homeowners and for investors.

• Do I need a real estate broker to purchase foreclosure properties?

  You do not need a real estate broker to purchase most * foreclosure properties.

  • Pre-foreclosure properties can be purchased directly from the owner.
  • Properties at auction can be purchased from foreclosure attorneys, or the auctioneer.
  • Or you can purchase a REO property from the lenders after they have repossessed the property from auction.

  * Properties that are for sale by HUD, VA, or Fannie Mae do require the services of a real estate broker.

Pre-foreclosure properties:

• What is pre-foreclosure?

  Pre-foreclosure is an action that gives public notice of the start of the foreclosure process on a property. It provides a potential buyer the first opportunity to purchase; and it gives the defaulting borrower time to sell or refinance.

• How can I find pre-foreclosure properties?

  The easiest and fastest way to find pre-foreclosure properties is to use our ForeclosureDeals.com online listing service. Newspapers that publish "Notices of Public Sales" or "Trustee Sales" and foreclosure attorneys can be another source of foreclosure property information.

• How can I buy pre-foreclosure properties?

  During the pre-foreclosure stage, the property still belongs to the borrower. You can contact the borrower to get the physical and financial details for the property, and to view the property. Once you make the decision to buy the property, you must submit a written contract directly to the borrower for the purchase, and contact the attorney to stop the foreclosure process.

• How much money do I need to purchase a pre-foreclosure property?

  Usually, an initial deposit of $1000.00 is expected, and confirmation of access to funds to pay off the debt on the property.

• What should I be aware of when buying pre-foreclosure properties?

  There are two issues that you should be aware of:

  • All of the debts on a pre-foreclosure property will remain on the property until it is sold. All the debts must be paid prior to purchasing the property.
  • Ensure you are aware of who actually holds the title to the property and that they have agreed to the sale, and that they have agreed to sign the contract of sale.

Auction Properties:

• What is a foreclosure auction?

  A foreclosure auction is a public sale in which properties are sold to the highest bidder. Investors and homebuyers are welcome to bid at auctions.

• How can I find foreclosure auctions?

  Foreclosure auctions can be found in listing subscriptions such as ForeclosureDeals.com, newspapers, or through foreclosure attorneys.

• How much money do I need to buy properties at auctions?

  The initial payment required usually depends on the seller and how much the property is worth. It could be as little as $500.00, or deposit of 10% of your offer amount required by some banks. The deposit must be paid immediately after the auction; and the balance is due within 30 days (depending on the state).

• What are the advantages of buying foreclosure properties at auctions?

  The greatest advantage for buying properties at auctions is the money that will be saved. Investors and homebuyers can purchase properties well below market value, which can result in a tremendous return on investment.

• What should I be aware of when buying foreclosure properties at auctions?

  Two important things to note for foreclosure property auctions:

  • Arrive early and be prepared for quick transactions
  • You must have cash or a cashiers check to finalize the deal.

Real Estate Owned (REO) properties:

• What is an REO property?

  An REO property is referred to as a bank foreclosure property. It is a property that did not sell at auction and has been returned to the lender to sell.

• How do I find an REO property?

  REO listings can be found through ForeclosureDeals.com, local real estate agents who manage and market REO property sales, or by word of mouth.

• How can I purchase an REO property?

  Thoroughly investigate the property and the financial situation. Once a decision has been made to purchase the property, you need to submit a written contract to the lender's broker or directly to the lender.

• How much money do I need to purchase REO property?

  You will need an initial deposit, which varies depending on the lender and the value of the property. It can range from $500.00 to $5000.00 and is submitted with your offer. Once the date, price, and terms are set, you will need to pay the balance in order to complete the buying process.

• What should I be aware of when buying an REO property?

  Prior to making an offer, make sure that you have confirmation that you are able to borrow the money you will need to pay off the debt on the property.

The Department of Housing and Urban Development (HUD) properties:

• What are HUD homes?

  The Department of Housing and Urban Development (HUD) is a federal agency that insures home loans to homeowners through its Federal Housing Administration (FHA). When a property owner defaults on a HUD insured home loan, HUD purchases the home from the lender and sells it to the public at auction.

• How can I locate HUD homes?

  HUD homes can be found in listing subscriptions such as ForeclosureDeals.com, through HUD brokers, or by doing a search for HUD homes.

• How can I purchase a HUD home?

  HUD homes are purchased through an auction. You will need a real estate agent to represent you. Your agent submits a written bid during the bidding process. If you are the winning bidder, your agent will be notified and you will have 48 hours to submit a contract of sale.

• How much money do I need to buy a HUD home?

  A HUD home usually requires a deposit of $500.00 which is submitted with the written offer. You then have up to 60 days to complete the buying process.

The Department of Veterans Affairs (VA) properties:

• What is a Veterans Affairs (VA) foreclosure property?

  The Department of Veterans Affairs (VA) is a federal agency that guarantees mortgages to homeowners who have served in the military. When a property owner defaults on the loan, the VA buys the property from the lender and offers them for sale.

• How can I locate VA foreclosure properties?

  You can find VA foreclosure homes through foreclosure listings in ForeclosureDeals.com, or by contacting a real estate agent.

• How can I purchase a VA foreclosure property?

  To purchase a VA property, you need to submit an offer through a real estate agent. The agent submits the offer by form via mail, fax, or online. If your offer is accepted, your agent will be notified.

• What should I be aware of when buying a VA foreclosure property?

  If you are planning to purchase a VA property, you must be eligible for a VA loan as you cannot obtain a conventional home loan and you must also be planning to live in the home and rental properties are not eligible for a VA loan.

• How much money do I need to buy a VA foreclosure property?

  A VA property usually requires a deposit anywhere from $100.00 up to 5% of the property value.

The Federal National Mortgage Association (FNMA) properties:

• What are Fannie Mae properties?

  The Federal National Mortgage Association (FNMA) is commonly known as Fannie Mae. Fannie Mae foreclosure properties have been purchased from lenders and will be offered for sale to the public at a discounted price.

• How can I locate Fannie Mae properties?

  You can find Fannie Mae properties through ForeclosureDeals.com or by contacting a realtor to help you find Fannie Mae properties for sale.

• How can I buy a Fannie Mae property?

  An offer must be submitted to Fannie Mae through a real estate agent before the deadline date. After the deadline date, all offers are reviewed and the highest bidder becomes the buyer for the property.

• How much money do I need to purchase a Fannie Mae property?

  A down payment of 3% to 5% of the purchase price is usually required.

• When purchasing a Fannie Mae property, what should I be aware of?

  A thorough investigation of the property should be made prior to making an offer. Fannie Mae usually makes repairs to the property but does not guarantee the repairs. The property is sold "as is".