This is a Pre-Forclosed property (Notice of Default). This initial document is filed by a trustee to initiate the foreclosure process following the homeowner missing payment dues. Buying a property in nearing foreclosure involves contacting the homeowner and offering a bargain price to buy the property, The homeowner may be willing to sell this home at an excellent price, usually 20% - 50% below market value, in order to avoid foreclosure and ruining his or her credit history.

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