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See homes and condos for sale which are in foreclosure. Bank-owned, REO, Short-sale and pre-foreclosures.  Get instant notification for foreclosures which come new on the market or reduce in price.

With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand -- real estate.

One of the best places to invest is in foreclosures and bargain residential real estate.

The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available. (from bankrate.com)

Foreclosures defined.

Many of the active, pending and recently closed properties are in fact foreclosures... I would like to give you a few quick definitions on types of foreclosures.

Real Estate Owned (REO): Means "Real Estate Owned" by the lender; the final step in foreclosure process. This document conveys property ownership back to lender.

Bank-owned: is the same as REO, see above.

Lis-Penden: Notification of pending lawsuit. The initial document (judicial) filed by an attorney or trustee that starts the foreclosure process after the occurrence of default under the deed of trust or mortgage. Lis-Penden is part of the pre-foreclosure process.

Short-sale: A sale of a property which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure. This is also part of the pre-foreclosure process.