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How To Buy a Pre Foreclosure Home

Apr 12, 2008
Pre foreclosure homes are properties in the later stages of the foreclosure process which have not yet been taken back by the lender. At this stage the original owner is still legally in control of the home, although the bank will foreclose if the owner does not catch up on the payments. If the owner is able to bring the payments up to date, the process of foreclosure will be stopped.

When looking for a home, there are many benefits to checking out pre foreclosures over other potential sources. Pre foreclosures may well be the best possible source for a good deal on a home. Yet many people still miss the boat because they are unfamiliar with the pre foreclosure process.

The most important benefit of a pre foreclosure is the discount price. Usually, the present owner has no choice at that point other than to sell the house. So they will usually seriously look at just about any offer that comes in. Today's real estate market presents an excellent opportunity to purchase homes at up to half off of market value.

Accompanying the low prices you can get when buying a pre foreclosure home, you will also have the benefit of dealing directly with the owner instead of a hard nosed third party. This creates a significant advantage, since buyers are able to assume control with much less difficulty. Should the home seller decide to turn down the offer, he may face not finding another buyer and losing the property. Even a low sales price may provide the opportunity for the seller to save their credit.

The process of locating pre foreclosures is substantially the same process used to find properties which are already owned by the bank. One good source is the legal advertisements in the local newspaper. Internet sites such as Craigslist are also excellent sources for pre foreclosure leads. Once you have located a pre foreclosure, you will need to negotiate carefully to get the home of your dreams at a great price.

When you compare foreclosed properties with pre foreclosed properties, you'll find that there is less competition involved with pre foreclosures. Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price. Those of you who have been looking for a new home shouldn't hesitate to check out pre foreclosed properties. They are a great investment - and can indeed be very profitable in the long run.
About the Author
One of the best methods to obtain a great deal on a new home is to buy a foreclosure home. Sometimes it is possible to obtain an substantially better deal when you buy a pre foreclosure home. Find out how to locate a pre foreclosure home.
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