Property owners unfortunately sometimes bite off more than they can chew. Typically, homeowners take out mortgage loans to afford their properties. If these owners fail to keep up on their mortgage payments, banks can foreclose on their properties. Distressed property owners can resort to filing for bankruptcy to stave off foreclosure, but 85,000 homes a year end up being auctioned off to other investors.
When one of these foreclosure cases, also known as lis pendens cases, finally reaches the auction stage (generally three to six months later), banks and investors compete for the deed. Unfortunately for investors, it is often very difficult to cull together information about distressed properties and thereby make smart decisions about whether or not to invest.
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