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Bank Foreclosures and Pre-foreclosures - Opportunity Knocks!

Jul 21, 2008
The United States real estate market is suffering great losses due to bank foreclosures. Both bank foreclosures and pre-foreclosures are at all time highs and the homeowners and lenders are in serious trouble. Many honest American homeowners are suffering financial crisis and could lose their homes. Some homeowners face bank foreclosure after getting behind on just a few payments. The banks are not going easy on these struggling homeowners, but of course they are suffering as well. The extremely high interest rates and late fees only seem to be making things worse on both sides.

If homeowners facing foreclosure can act quickly enough, they can go ahead and sell their home for low prices before the banks officially forecloses them. This is called "pre-foreclosure". Pre-foreclosure is a grace period that is given to many homeowners who are close to foreclosure. During the pre-foreclosure period, the home still belongs to the borrowers and they have a right to sell it to interested buyers. The pre-foreclosure grace period can last anywhere from 3 weeks to 6 months, varying from state to state.

The homeowners have a chance to earn a little money as well when facing pre-foreclosure. Pre-foreclosure is a grace period after the time they made their last payment and before they're officially facing foreclosure. The public is notified ahead of time that a home is facing foreclosure, which gives interested buyers time to make a deal with the homeowners before the bank officially takes the home back. Pre-foreclosures give homeowners enough time to sell the home at a very low price as well. They money they receive can help them in affording another place to live.

Bank foreclosures and pre-foreclosures also provide an excellent opportunity to earn a lot of money. Many Americans are learning that investing in bank foreclosure and pre-foreclosure homes can return an excellent profit. For instance, you can buy foreclosure and pre-foreclosure homes for as low as 10% of their market value, and then resell them for nine times that! Imagine all the money you can profit from buying bank foreclosures and pre-foreclosure homes! Even if you've never had an interest in real estate before, now is an excellent time to become involved in it!

You can always look through your local classified ads, but there are also state by state listings that can be found on the internet! There are many foreclosure and pre-foreclosure listing sites which will allow you to bid and purchase electronically. Unfortunately though, wherever there is money to be made, there are also scams. Some so called "foreclosure" and "pre-foreclosure" listing sites will charge you an outrageous membership fee, but then fail to give you the access to any real listings! They will only provide you with expired and out of date listings.

Fortunately there are plenty of honest foreclosure and pre-foreclosure listings. Some can be found on real estate sites and some on government auction sites. So how can you tell the good from the bad? Well, you don't have to! There are government auction review sites that will do the dirty work for you. Experts that oversee government auction reviews go digging into government auction offers and test their legitimacy based on certain criteria. They have tested and scored the top government auction membership sites that offer real government auction listings.

Many of these membership sites offer real, top deals on real estate, bank foreclosures, and contact information for homeowners selling their pre-foreclosure homes. Make sure you read the government auction reviews before you sign up for any membership sites. You will receive the best advice and information about the most trustworthy foreclosure and pre-foreclosure listings!
About the Author
To find the best government auctions sites and keep away from being scammed check out government auction reviews, or more specifically check out Bank Foreclosures & Preforeclosures
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