How do purchase a foreclosed home?

[Alex Guerrero]

Im moving to Austin and housing is so expensive I figured this would also cause some homes to foreclose as well, but i see things like pre-foreclosure, shefif, foreclosed. What do these terms mean and what should i look for as well as where do i begin?

[Marcus Auerbach]

There are almost no forclosures anymore - they only happen when people owe more than the house is worth. With recent home value gains that does almost never happen anymore. Pre-FC are a joke - thats simply when someone fell behind on payments. If they can't resume they will just list and sell, take the money, save their credit score.

Forclosures are listed on MLS. I see one maybe every 3 months.. they used to account for about a third of all sales 12 years ago.