Frequently Asked Questions

What is pre-foreclosure? What is Finders.House?

“Pre-foreclosure” homes are defined as homes that are at least two months past due on the Mortgage payment.

This creates a “Notice of Default” because the owner was not making their payments. This is the best situation to purchase a home below market value. Finders.House is only property data aggregation and How-To publisher to pool these necessary resources into a single easy to use membership.

Where do you get your listing information?

The homes available on our site are filed as  “Notice of Default” by their banks and are public source. Our competitors however make their money by referring you to costly real-estate agencies and mortgage financiers, whereas our How-To will show you how to do much of this footwork on your own.

Are the homeowners aware I will contact them?

The current owner has been notified by their bank that their default is public information. The fast nature of these deals and short-time frame between default and eviction is prohibitive for middle-men and it is unlikely that you’ll find one, but can save you tens of thousands of dollars in estimated fees and allows us to get you this data affordably.

“What if the homeowner says they aren’t selling their property?”

The properties we list were issued a notice by their bank for mortgage delinquency. Often times the homeowner did not intend to sell the property but due to unforeseen financial circumstance will lose the home and have their credit ruined. It is a testimony to how good our system is at providing these listings to you that you’re contacting the owner in the early stage of foreclosure when they are still trying to grasp what is happening. If the homeowner says they aren’t selling right now, you’ll want to contact them again closer to the auction date when they have run out of options. It takes just a little bit of networking but the effort is well rewarded.

How do I take over payments?

The homeowner will quit the title and you will pay their loan each month as the new owner of the property until you refinance the remaining balance, resell the property, or decide to abandon it. This gives you an unprecedented freedom as you are not attached to the loan, you are not at financial risk from various disasters, poor foundations, market value crash etc.

Why do I need to clear the default?

The default is at least 2 months in past due Mortgage payments.  When the bank receives payment to clear the default they will stop the foreclosure action, which buys you significant time to take possession, refinance or resell the home. These payments actually build your equity so it is much better than paying for a standard rental.

HELP! I’m having difficulty contacting the homeowner.

It is not uncommon for homeowners facing foreclosure to have their phones disconnected due to inability to pay bills or to avoid collections. If the home is already vacated then its likely the homeowners contact info has recently changed. Its advisable to contact the nearest relatives to help locate them. Our Super Search feature can provide a comprehensive report of the nearest family as well as the homeowners email and social media accounts.

Why would the homeowner abandon an equitable property? How is this realistic?

Homeowners go into default for a variety of reasons be it divorce, long-term unemployment, serious injury…the fast nature of the foreclosure process does not allow adequate time to sell the home for market value or even short-sale it by finding someone with financing. The homeowner is facing a bankruptcy and serious IRS repercussions (https://www.realtor.com/advice/finance/mortgage-default-what-happens-when-you-cant-pay/) The Take Over Payments method is actually superior to short-sale since your monthly payments will improve the original owners credit. It’s a WIN-WIN-WIN-WIN situation for everyone.

Does My Credit Matter? Do I need Financing?

Obtaining financing allows a professional evaluation of what you can afford in the long-term. It also gives you the upper hand versus ARM (Adjustable Rate Mortgages). You will also not have to be concerned with “due on sale” which states that if the home is sold to another party the bank can call the loan due in full. If you don’t yet qualify for financing you can start vesting in title now while your credit repairs, ensuring the monthly payments are timely keeps the bank happy and makes them more likely to work with you when you decide to refinance.

Why do I have to pay for this?

We charge a nominal membership fee. This will cover your registration with access to: documentation for deed transfer, Customer Support, access to exclusive information for members on our website, and all of our nationwide listings.

How long have you been in business?

Our team has been proudly gentrifying since 2009!

Can I make money with this education?

Yes, home flippers typically see a minimum of $10,000 profit and big scores of $30,000-$50,000 every time they resale a property, or you can refinance the remaining balance and access the equity that way.

Is this safe and legal?

Absolutely, investors have been doing this for 70 years, and the U.S. Department of Housing and Urban Development recognizes Subject-to transactions in Form HUD-1 (Checkbox 203 & 503), a settlement statement filled out by every lending institution when a home is refinanced.

You can learn more here.