Foreclosures Steps

There are essentially three steps to Foreclosures. Note that a default does not necessary lead to foreclosure. Lenders try to avoid foreclosing. 

The steps can be broken down as follows:

Step 1: Finding foreclosures (see below)

Step 2: Contact the owner

Step 3: Buying at Auction

Step 1: Finding Foreclosures

You want to use every resource you have to find foreclosures and get in as early as possible. Foreclosure listings can be found in:

• Legal  newspapers
• Legal notices section in your local newspapers
• Real estate agents and real estate brokers, title companies, closing attorneys, and other industry professionals may know about real estate properties undergoing foreclosures
• County recorder's office and other public information sources. You want to search for liens, back taxes, civil suits, lis pendens filings, etc.
• The Internet (such as online court records)
• Auctions

Step 2: Contacting the owner with a pending foreclosure