My Family, Love, Home

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:
The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
Foreclosure Buying Opportunities
The foreclosure process offers three bargain-buying opportunities, represented by six different property statuses on RealtyTrac.
Buying during pre-foreclosure (NOD, LIS)
Buying at public auction (NTS, NFS)
Buying bank-owned properties (REO, GOV)

Buying a home in foreclosure can begin with you logging into RealtyTrac and decide where you want to search for property. RealtyTrac allows you to search by county, city or zip code. We recommend starting with a broader search (like county or city) and narrowing the search later if necessary.
Decide the status of foreclosure for which you want to search. You choose the status under Property Status on the Property Search page.
Select Pre-Foreclosure for Default Notices or Lis Pendens.
Select Auction for Trustee Sales or Sheriff's Sales.
Select Bank Owned or Government Owned for REOs (repossessions).
See Step 4 in this guide for more about the different property statuses.
The Advanced Property Search allows you to enter other search criteria, such as price range and number of bedrooms and bathrooms. We recommend that you leave all those other criteria at “no minimum” to “no maximum” when you first search to get the best results. We also recommend you don’t change the Recording Date Range when you first search.
If you use the Advanced Search, leave the search Sort by “Entered On” and the Basic Property Type as “Residential,” unless you are specifically looking for Commercial property.

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If you want to receive daily e-mail alerts of new properties posted on RealtyTrac that match your search criteria, follow these instructions.
After you select your search criteria, type a name for the search in the Name This Search box.
Check the "Receive daily e-mail notifications of new listings that match this search" box.
Click the "Save My Search" link.
View and edit your daily alerts on the My RealtyTrac page under Saved Searches.
On the Search Results page, you can sort your results by date, address, price or number of bedrooms or bathrooms. You can also view the results on a map by clicking the "View Map" button at the top of the search results. Click “Get Details” on any property to see the detailed information for that property. On the property details page, you can click the “Save Listing to My RealtyTrac” link to save the property to the My RealtyTrac page.

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