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The real estate market has been hit badly by the sub prime losses and the same has resulted in increased foreclosure sales which are gaining popularity in the U.S. The main aim behind a foreclosure by banks, government authorities or tax authorities is the recovery of their outstanding debt which the borrower is unable to pay and the lender or authorities have to seize the property and initiate the foreclosure for recovery.

The various foreclosures in the housing market have made it easy for many first time buyers and investors of real estate to pick the property of their choice at real cheap price. The buyers can choose from several options and can decide among them. Foreclosure is a serious problem for most homeowners as it destroys their financial credibility for several years ad makes them financial weak. The foreclosure process is initiated when the lender or the authorities are sure that the borrower is not in a position to pay back. Some grace period is given in case of most bank foreclosures where the borrower can redeem the ownership rights by repaying the complete loan.

Types of Foreclosure Listings

Foreclosure listings include numerous foreclosure stages and cases where the property can be sold for recovery or payments. The following are:

1. Preforeclosure: This occurs when the lender starts sending reminders for payment of installments and the borrower intelligently acts by estimating that he is unable to pay off the loan on his own. The borrower puts up the property for sale in the open market and sells the same for a huge discount for paying off the loan and escaping the loss of financial credibility.

2. Bank Foreclosure: This occurs when the borrower is sent a notice of foreclosure and the public notice of auction is published by the lender for sale. The borrower is given some grace period when he can pay back the loan and redeem the property.

3. Foreclosure auctions: This occurs when the borrower fails to pay off the loan in the time after the foreclosure is initiated and the lender announces the date of auction.

4. Bank Owned Foreclosures: This occurs when the bank repossesses the property in foreclosure and plans to sell it later.

These types of foreclosures are similar to government authorities and tax authorities.

Tips to buyers of foreclosure properties

The buyers should check for the market price of the property before initiating the purchase and should check for the condition of the property for any damage.

The buyers should appoint a certified professional agent who I well equipped with all the documentation knowledge in the purchase process.

The purchase of a property is a lifetime decision and needs special care and understanding of the procedure.

Online Availability for foreclosure listings

Most websites offer complete foreclosure listings where the best option can be checked by searching on the basis of state, county and cities.