Bank Foreclosures & Preforeclosures
Foreclosure properties offer a way to acquire their homes at incredible prices,
sometimes saving as much as 30% to 90% on the price of their home. For first-time buyers or those looking to profit from buying real estate and
reselling it at a profit, foreclosures and preforeclosures can be purchased for a fraction of their market value.
Before the Internet explosion, finding foreclosure homes meant buying expensive lists or knowing someone with
inside information. Websites like those listed below maintain databases of thousands of foreclosure and preforeclosure homes and allow
home buyers to search by state and zip code, zeroing in on their target area. This provides potential home buyers with
details about the house or property, what the price of the house is, who to contact, and sometimes the address and a photo.
Pre-foreclosures are homes or property that are about to go into foreclosure. This is where some of the best deals can be had,
before they are seen by every real estate broker and buyer on the planet. These are generally negotiated directly with the owner,
who is eager to avoid the hassles of foreclosure.
What's important here? The most important
criteria in selecting one of these sites are 1) Listings; do they have plenty of listings? 2) Currency; do they have the most up-to-the-minute
information from banks & sellers? and 3) Contact Information; do these sites give you the information you need to contact the owner or bank?
Our top recommendation in this category is again GovernmentAuctions.org.
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Reviewed: GovernmentAuctions.org Rating: 10
of 10
This site had houses as low as
$10,000 and consistently had the newest listings, the most homes in each zip code, and by far the most
preforeclosures.
Listings - More listings = good; fewer listings = bad. We
counted almost 80,000 foreclosure listings, including banks and FSBO (For Sale By Owner). If you're trying to make or
save money, you want the largest number of choices. This site easily plenty. 
Pre-foreclosures - A hidden gem; many pre-foreclosure home
listings! This is where you can really do well buying houses, before the foreclosures are listed by every real estate agent on the planet.
Contact info - Too many of the auction sites don't provide contact info; again, these guys get it right. Almost every
listing has direct contact info: name address, phone number, etc.
Bonus - When we last reviewed the site, they were offering a hotel voucher worth more $300. We grabbed ours and used it. This
alone paid for our membership many times over. (Guess which one of us got to use it? One of the benefits of heading the
team...!)
Price: $39 Annual Membership (regularly $78)
GovernmentAuctions.org did not engage in any of the shady or questionable practices we've seen on many of the sites.
No automatic re-billing, and no "hidden" charges.
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Reviewed: ForeclosureMagic.com Rating: 9 of 10
Foreclosurepass specializes in bank forclosures. We gave them a 9 only because they
don't provide other types of lisings that you get with your membership in the other sites - if you're interest is solely in foreclosured
homes and property however, this is one of the very best sites, and definately the easiest to use.
Foreclosuremagic offers a FREE 7 DAY Trial, the kind of offer we like! Th
.Listings - They have a huge database, with properties listed by zip
code and state, and there were clearly many thousands of listings.
Pre-foreclosures - Not as many as GovernmentAuctions.org,
hence the lower rating. Still, plenty of listings here.
Contact info - Good contact info on most listings
Bonus - ForeclosureMagic is offering a free 7 day trial, and also has loan information and links right on the site.
Price: $9.95/wk. billed Monthly
Foreclosure Magic also did not engage in any of the shady or questionable practices we've
seen on many of the sites. .
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