What is a notice of default?

A public filing by a lender stating a borrower has missed payments and the loan is in default. It marks the start of the pre-foreclosure period in non-judicial states.

What is a lis pendens?

Latin for 'suit pending' — a recorded notice that a lawsuit (often a judicial foreclosure) affects a property's title. It is a key pre-foreclosure signal in judicial states.

How is REO different from pre-foreclosure?

REO ('real estate owned') is property the lender repossessed after an unsuccessful foreclosure auction. Pre-foreclosure is earlier — the owner still holds title.

Pre-Foreclosure vs. Foreclosure: What Investors Need to Know

Pre-foreclosure is the window between a borrower's default and the final foreclosure auction. It is the highest-leverage moment in distressed real estate: the owner is motivated, the property is still privately held, and the deal can close before competition arrives at the courthouse steps.

The foreclosure timeline

Foreclosure begins when a borrower misses payments. The lender records a public notice — a notice of default (non-judicial states) or a lis pendens / foreclosure complaint (judicial states). That filing starts the pre-foreclosure period. If unresolved, the property proceeds to a foreclosure auction and, if unsold, becomes bank-owned (REO).

Why pre-foreclosure beats the auction

At auction you bid cash, sight-unseen, against professionals. In pre-foreclosure you can negotiate directly with a motivated owner, inspect the property, and structure a short sale or subject-to deal. The catch is timing — you have to find the filing early.

Finding pre-foreclosure leads

Notices of default and lis pendens are public but buried in county court records. DLRadar extracts foreclosure filings (has_foreclosure) from court dockets and clerk records nationwide and scores them against mortgage and tax distress to rank the most actionable.

See pre on a real map

DLRadar scores pre alongside 18 other deterministic signals; pre aggregates are free to browse across every U.S. county and ZIP, and pre property-level detail unlocks when you're ready.

Browse pre data by state →See plans

Frequently asked: pre

What is a notice of default?: A public filing by a lender stating a borrower has missed payments and the loan is in default. It marks the start of the pre-foreclosure period in non-judicial states.
What is a lis pendens?: Latin for 'suit pending' — a recorded notice that a lawsuit (often a judicial foreclosure) affects a property's title. It is a key pre-foreclosure signal in judicial states.
How is REO different from pre-foreclosure?: REO ('real estate owned') is property the lender repossessed after an unsuccessful foreclosure auction. Pre-foreclosure is earlier — the owner still holds title.