Chalk up another one to the internet. Tracking down pending foreclosures used to require a lot of legwork. Now much of this information can be found online provided you know where to look. There are more sources than you may think and if this is a new venture for you…good timing!

A couple of tips:

1. How quickly a foreclosed property becomes available for purchase depends on the type of Debt Instrument attached to the title.
   • Mortgage: This is the best instrument in terms of providing time for working with the property owner and in providing the most information in the way of public
     records. Mortgage foreclosures are always done through the courts which can be a lengthy process.
   • Deed of Trust (TD): A TD contains a power of sale clause not found in a mortgage instrument. This allows the lender to exercise their right to repossess collateral for a loan, in this case the property itself, without suing for it. By keeping it out of the courts, TD foreclosures can move stunningly fast. In addition, there are usually fewer public documents available for your research.
2. Some states require lawsuits for all foreclosures regardless of instrument making TD foreclosures a little more accessible. Get familiar with the laws of the state you’re operating in to find out if this is a viable alternative. FindLaw.com is an excellent free resource. Look under State Resources/Primary Materials for statutes, codes, and administrative laws among others.