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Five Types of Forclosure and Tips for Purchasing Each Type

Realty Biz

Pre- Foreclosures . A property goes into pre-foreclosure when a mortgage company notifies the borrower that they are in default on their loan. To find homes in pre-foreclosure you can search sites that specialize in this or you can have an experienced local agent help you out. Bank-Owned Properties.

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What Is Foreclosure?

Rent, Buy & Sell

A foreclosure—the actual act of a lender seizing a property—is typically the final step after a lengthy pre-foreclosure process. Mortgage lending discrimination is illegal. Foreclosed properties are typically easily accessible on banks’ websites. After that, the foreclosure is deleted from the borrower’s credit report.3

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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. 10 Sneaky Real Estate Scams + How to Protect Your Clients (& Yourself).

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San Jose Real Estate Market & Investment Overview

Marco Santarelli

In May 2020, there were 208 properties in San Jose, CA that are in some stage of foreclosure (default, auction or bank-owned) while the number of homes listed for sale on RealtyTrac was 436. Pre Foreclosures. Bank Owned. San Jose Real Estate Investment Overview. Foreclosure Type. Prior Month.

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