What is Homesedo?

Homesedo features exclusive pre-foreclosure databases of information provided by real homeowners that are behind on their mortgagee payments.  Our BOP (Behind on Payments) and NOD (Notice of Default) information is supplied directly by the homeowner.  You will not have to browse through a list compiled from country records in order to find a deal on a pre-foreclosure.  Homesedo has real information and real people looking to speak with investors, loss mitigation specialists, real setae agents and credit counselors. 

The site also supplies comprehensive listings of bank owned REO properties including photos, listing agent information and comprehensive neighborhood reports courtesy of Cyberhomes.

Whether you are in the market for a pre-foreclosure or trying to find a deal on a bank owned home, Homesedo is the one website you need to find a great deal on real estate!

Browse our FAQ Categories to learn more about everything Homesedo has to offer:

Pre-foreclosure Properties
Foreclosure 101
REO Basics
About Homesedo

Pre-foreclosure Properties

1. What is a BOP?
   

   BOP stands for “Behind on Payments”. A BOP is a homeowner who is in danger of falling into foreclosure. The further away from foreclosure, the more options a homeowner and / or an investor have for getting out of a financial jam. Homesedo is the only site where you will find homeowners who are behind on payments that are actively seeking help.

2. What is a NOD?
   

   NOD stands for “Notice of Default”. A NOD is the first step in the foreclosure process. A NOD is filed with the county office, which makes the information public record.

3. How long before a NOD is filed until the house is in foreclosure?
   

   The answer varies by state. Check our information on state-by-state foreclosure procedures for more information.

4. How long before a homeowner misses a payment before a NOD is filed?
   

   Lenders will typically wait 5-6 months before filing a Notice of Default. This period provides ample time for investors or real estate agents to work with a homeowner to help ease their financial burden.

5. How do I use Homesedo’s BOP and NOD databases?
   

   First, browse the listings to find a property that you find interesting. From there, you can download the information, contact the homeowner and try to make a deal.

6. What kind of information do you provide in the BOP and NOD databases?
   

   Homesedo provides detailed information supplied by the homeowners themselves. When you download a listing, you will see the homeowner's Name, Phone number, Cell Number (if provided), email address as well as information on their credit, loan balance and their bank. A majority of listings also include home data courtesy of Cyberhomes, the web’s premiere home valuation service.

7. How accurate is your BOP and NOD data?
   

   Our data is provided by the homeowners themselves and as a result, there are instances where certain bits of data may be inaccurate. However, please keep in mind that the homeowners are looking to speak with a service provider. The homeowner is actively seeking information, so they will do their best to provide the most accurate data on their situation.

8. Where do you collect your data?
   

   We operate a number of websites where consumers can go to find out information on foreclosures, short sales, and other opportunities for people who are behind on payments. The consumer willingly inputs their information because they want to be contacted by someone who can help them out of their financial jam.

9. Where did you find these listings?
   

   Listings are complied from information provided by the homeowner. Homesedo’s listings are not passive. They are generated from homeowners who are actively seeking a way out of their financial crisis.

10. Does the homeowner want to talk to me?
    

    Yes! The homeowner is looking for help, whether it is a short sale, loss mitigation or a mortgage refinance or other foreclosure related product. It is to your benefit to try to contact the homeowner as quickly as possible in order to provide them with the most time to review your proposal.

11. What are the benefits to using Homesedo.com?
    

    Homesedo is the only place online to find people who are actively seeking financial assistance before they enter the formal pre-foreclosure process. Imagine being able to contact a homeowner in distress before a Notice of Default (N.O.D.) has been entered. With Homesedo you can find these homeowners and offer your services before the rest of the marketplace even knows about the listing.

12. What is the Cyberhomes Estimate?
    

    The Cyberhomes Estimate is the home’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value.

13. How can I buy a pre-foreclosure (BOP / NOD)?
    

    You can contact the homeowner to negotiate directly.

Foreclosure 101

1. When is the best time to buy a preforeclosure property?
   

   The best time to buy a preforeclosure property is before a Notice of Default has been filed.

2. What is a short sale?
   

   A short sale is an "arrangement" between a homeowner their lender that allows the homeowner to get out of the loan for an amount less than the total amount owed to pay off the home. As property values fall, short sales become more necessary.

3. What is loss mitigation?
   

   Loss mitigation a process to avoid foreclosure; the homeowner and the lender agree to lower the amount of the loan or renegotiate the loan’s terms. Oftentimes, a loss mitigation company or specialist may be beneficial to a homeowner in distress because of their experience in dealing with banks and lenders.

4. How many people are going into foreclosure?
   

   Nationwide, foreclosure filings have increased 93% since 2006. Projections call for 2 million more foreclosure filings in 2008.

5. Can I get a deal?
   

   Finding the right preforeclosure property is hard work, but deals are out there to be made! With Homesedo, you will have access to the freshest data online. Remember, with our active BOPs you may be able to speak to the homeowner before they enter the formal foreclosure process. All you need is the drive and initiative to get the deal done.

6. Where can I get foreclosure info by state?
   

   Click here for detailed information. You can also check the department of real estate for your state.

REO Basics

1. What is an REO?
   

   An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. With a foreclosure, what is owed to the bank is almost always more than what the property is worth. As a result, very few foreclosure auctions result in a successful sale. If no one purchases the property at auction, the property “reverts" to the bank. At that point, it becomes an REO, or "real estate owned" property. As you can imagine, there are a lot of costs associated with a bank maintaining its inventory of REOs. The bank does not want to sit on its inventory. Since it did not receive its minimum bid from an investor or homebuyer during the foreclosure sale at the courthouse, the bank may price that REO home for less, just to get rid of it.

2. How do I negotiate to buy an REO?
   

   If the listing is relatively new to the market, it is very possible that the bank will not deviate much from its asking price. You will have greater negotiating power if you make offers on homes that have been on the market for longer than 30 days. Here are more tips: Banks negotiate bulk-rate discounts with title and escrow companies. If you elect to use the bank's title / escrow company, check the fees those companies will charge you. Generally, fees not paid by the bank but paid by the buyer will be higher because title and escrow often make up those discounts by charging buyers more. Many banks are moving away from paying typical closing costs for the buyer. Some fees such as transfer taxes, county and state fees are borne by the buyer and not the bank. Banks do not often pay for pest reports, repairs or home warranty plans. Some banks will not sign a counter offer until all terms are mutually agreed upon between the parties verbally. Expect the bank to draw its own purchase contract or addendum to your standard purchase contract. Read it thoroughly and ask a real estate lawyer for advice if you do not understand it. You can bet the bank's lawyer drew up that contract, and it's not in your favor. If the bank won't budge and you receive an offer rejection, wait another 30 days and then resubmit your original offer, with the original date crossed off and your new date inserted. You might wait 10 days for a response to your offer from the bank. Be patient. The bank may ask for you to submit a loan application so it can pre-qualify you; however, you are not obligated to obtain your loan from that bank. If you cannot close by the predetermined closing date, the bank may charge you a penalty for each day you pass that date. Make sure you have a loan pre-approval letter from your own lender before submitting an offer, and get assurance that you will receive the financing from your lender without running into unexpected delays. You will likely be asked to buy the home "as is." There are drawbacks to buying foreclosures. Make your offer subject to a home inspection. Some sellers in default strip assets from foreclosure homes.

About Homesedo

Billing

1. Is the trial really free for 7 days?
   

   Yes! Your homesedo membership is free for 7 days. With your free membership you’ll be entitled to browse our database of active homeowners. If you choose to download a file, your account will automatically be converted to our standard membership, which includes 10 free downloads every 30 days for $49.95. After seven days, your account will automatically be converted to our standard membership, which includes 10 free downloads every 30 days for $49.95. Your membership will be automatically renewed every 30 days thereafter at the standard rate of $49.95 per month. If you choose to download more than 10 files during your billing cycle, additional files will be billed at a rate of $9.95 each.

2. Do I have to sign up for the long term?
   

   No, you can cancel at any time. Your account will be disabled at the start of your next billing cycle.

3. How do I cancel?
   

   If you no longer wish to be a member of homesedo.com, please send an email to membership@homesedo.com indicating that you would like to cancel your membership.