How to buy a home from pre-foreclosure home listings in Washington, D.C.
Pre-foreclosure home listings in Washington, D.C., offer shoppers the chance to buy a home before the lender finishes the foreclosure proceedings. Since you buy the home from the homeowner and not the bank or lender, you can sometimes get the property at a lower price. Finding and searching available listings can help you find a home quickly and easily.
Non-judicial foreclosures
The District of Columbia (D.C.) doesn't have judicial foreclosures, which means that lenders and borrowers do not need to go through the court system. The homeowner defaults on the mortgage the moment that he misses a payment. Local law states that the lender and borrower must sign a mortgage agreement that includes a power of sale clause, which gives the lender the right to sell the home to recoup the mortgage. The lender must notify the borrower that it plans to sell the home at least 30 days before an auction or private sale begins. The lender also has the right to sue the borrower for any money still remaining on the mortgage.
Click here for pre-forelosure home listings.
Finding Washington, D.C., real estate pre-foreclosure home listings isn't as easy as finding traditional listings. In states that allow judicial foreclosures, you can often search county court records for information. One of the best places to look for these listings if you live in the D.C. area is in the newspaper. Lenders that offer homes for sale at auction will notify the seller first before listing the auction date in the paper. You can contact the borrower to try to work out a purchase before the auction.
Online pre-foreclosure listings
Another place where you can find pre-foreclosure home listings in Washington, D.C., is online. There are a number of websites that offer these homes for sale. Homeowners and lenders put pre-foreclosure sales on these sites. You can even check some websites that offer pre-foreclosure home listings in Washington, D.C., to see the prices of similar homes sold in surrounding months. This gives you an idea as to how much the borrower might take when selling the home.
When a homeowner learns that the lender intends to foreclose on the home, the borrower might sell the home quickly to prevent a foreclosure from marring his or her credit report. Pre-foreclosure home listings in Washington, D.C., are also available from real estate agents who specialize in pre-foreclosure sales. These agents can help you arrange home visits prior to you making an offer so you know if the property needs repairs or maintenance. Reply! is a good resource for both pre-foreclosure listings and agents who specialize in these sales.