Foreclosure Listing Services was started in1963 by legendary Hank and Ginger Canfield. Agents could get advantage if they monitored foreclosure notices posted in county before the properties actually foreclosed. Hank and his colleagues thought that they must make a report or list of these properties because it is so inconvenient for the buyers to take out time and come to the court house to review hundreds of foreclosure notices. To sort out this problem they started publishing lists in Houston in 1967. And as the time passed it became a very important and popular type of service.
What is Foreclosure?
Foreclosure is a legal process in which a mortgagee, usually the borrower, gets a court order for the termination of the mortgagor right and mortgagor’s loses his equitable right of redemption. It provides Security against his/her property to the financial institution or the loan provider. If the debtor is not paying loan the lender can foreclose the property. Foreclosure eliminates the mortgagor’s right of saving property and assigns the estate as the absolute property of lender or lending institute.
Information Provided by Online Foreclosure Listings Services:
* Listing Information
* Additional Tools
* Customer Service
Listing information is provided by foreclosure service to attract and inform potential buyer or investor about any specific property. It includes all information about the property such as price, beds, baths and square footage. It also tells about property’s foreclosures status, tax information and loan information.
Additional Tools
As it is a tricky business to buy a foreclosed property. Listing services also include articles and additional information as additional tools about buying and investing in foreclosures. Some online foreclosure listings also supply school and neighborhood demographics for each listed property.
Customer Service
Online Foreclosure listings also provide help/support to their customers by providing email and telephone contact as well as site’s security and cancellation policy. All foreclosures listings need a credit card and security certificate and http protection during all functions of the sign up process.
Types of Foreclosure Listings
Foreclosures – These are the properties that have been taken back by the bank or lender because the owner has failed to pay the correct payments on time. These properties may be referred as REO or repo.
Pre Foreclosures – It includes the properties whose property owner has skipped one or more payments and bank or lender has started the process of foreclosure. These are commonly known as Notice of Default.
Government – Such properties include all the properties where the loan had been granted by the government and owner has to pay loan payments to government. If the owner fails to pay the loan the government repossesses the property. These loans are typically issued by HUD, VA or Fannie Mae.
FSBO/Resell – Owners of the home directly incorporates with foreclosure listing services or traditional real estate to resell their own property.
Auctions – Foreclosure listing sites also lists homes that are currently for auction or going to be auctioned soon.
Tax Liens – When property owner is not able to pay tax of his property and have tax line against him, such properties are also listed by foreclosure sites.