Whatever their reason, they all get the same sparkle in their eye when they imagine themselves buying a dream house for pennies on the dollar.

If you're thinking of jumping into the game, there are 3 stages of foreclosure in which you can step up to the plate.

1. When a home-owner starts missing their mortgage payments they enter the "pre-foreclosure" stage. The key is to get an updated list of pre-foreclosure properties and act fast before the competition gets there first. You can negotiate with the owner and/or the lender to work out an equitable arrangement for all parties.

2. If a home doesn't sell in the pre-foreclosure stage and the home-owner is unable to come up with the money to pay off the missed payments, late charges, and interest, the home will be sold at a public auction. Keep in mind that competition can be fierce and you may be going up against seasoned investors. Be sure to do your homework carefully or you'll end up bidding more than a property is worth.

3. When a foreclosure property doesn't sell at auction, ownership is transferred back to the lender. These are called "real estate owned" properties. Lenders hate REOs and they usually want to unload them as fast as possible. Most of the time they just hand them off to local real estate agents, but if you act fast you can make an offer directly to the bank. They may be willing to make a deal just to get it off their books faster.

No matter what stage of the foreclosure process you decide to enter, timing is key. Having access to reliable and up to date foreclosure home listings can mean the difference between hitting the jackpot and coming up empty.

Would you be interested in a FREE week's access to the most comprehensive foreclosure listings anywhere, PLUS a free daily email alert of the newest foreclosures before anyone else has them? Just click here now to start your foreclosure search