Pre-Foreclosure  - Notice of Default (NOD)

Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can generally walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history.

The buyer has time to research the title and condition of the property and can realize huge discounts of 20-40 percent below market value.

Remember that understanding foreclosures is the first step for homeowners to stop foreclosure.

The pre-foreclosure period can last several months, so you have to wait some time when trying to contact the owner in default.

1. Call the trustee or attorney listed for the property which can be found on www.AccessClarkCounty.com/ASSESSOR website to confirm if the property is still in foreclosure. They have the most up-to-date information if the owner has sold or reinstated the property. The trustee or attorney cannot answer other questions about the property.  It is also the first step for investors to buy foreclosure properties.

2. Evaluate the property’s value and check for any secondaryl loans or liens encumbering the property so that you can make an informed decision about whether the property is a smart investment.

3. If the trustee confirms the property is still in foreclosure, and you believe the property could be a smart investment, you should contact the owner in default as soon as possible. The quickest way to make contact with the owner is to send a postcard to the owner. If the owner does not respond to a postcard you can try to send another postcard or wait to see if the property is scheduled for auction and attend the auction. Usually at Legal News front steps 930 S Las Vegas BLVD

4. Another option is to call the owner if you can track down the phone number or to go to the property and try to contact the owner in person, as long as you recognize the ownership rights of the owner. We don’t recommend either of these options if you don’t have previous experience in dealing with this method.