Increasing numbers of homeowners nationwide are defaulting on their mortgages and forfeiting their property. As a result, as much as $4 billion in residential real estate will be sold at auction this year.

A foreclosure purchase is a great way to buy property at a below-market price, keep it as a long-term residence, rent it out to others, or fix it up and sell it for a profit.

Finding properties in foreclosure is the first step.

BRE provides comprehensive information about both the Notices of Pending Foreclosures and the Scheduled Auctions for $50.00/month. You must be a registered member to take advantage of this service. There is no charge for summary information on Notices or Auctions

When someone with a mortgage can't meet the payments, the lender forecloses on the home mortgage. There are several steps in the process: a notice is filed in the local newspaper (Notice of Pending Foreclosure), the property is put up for auction (Calendar of Scheduled Foreclosure Auctions); bids are submitted and one bid is accepted. The new owner accepts possession of the property. However, the lender may decide to keep possession of the property if there are no acceptable bids. When the lender, usually a bank, keeps the property and then offers it for sale, it is a "Foreclosed Property".