It’s understandable that most people look for a bargain in today’s economy, and they will certainly find just that in the real estate market. If you type in foreclosure on your Internet search and you will get so many results it can make your head spin. If your just jumping into the REO market then there are some things you should be aware of, and if a deal sounds too good to be true, you need to look a little closer. Several website are posing only the amount of loan in default as a pre-foreclosure sale. This means that the owner is late on their payments by the amount posted; it does not mean that the home is actually for sale or that the owner will not be bringing the balance current and in addition to that if it were for sale, there would still be the entire balance of the loan due, not just the defaulted payments... See the story for more insight.
http://www.inman.com/news/2008/07/17/is-preforeclosure-really-sale
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