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Purchasing Premium Pre-Foreclosures

Aug 26, 2008
Are you familiar at all with the term pre-foreclosure? Are you under the impression that this is the same as a foreclosed home? Then you are probably unaware of the advantages of buying pre-foreclosures.

Pre-foreclosures are properties in the last stage before the bank begins to reclaim them. This means that, while the owner is still in control of their property, the bank will repossess it if they do nothing to rectify their situation. Buying pre-foreclosures brings many benefits. Many people miss out on these homes because they don't know what they are or how to go about finding them.

The price that comes along with pre-foreclosures is their primary advantage. Owners will be more open to any offers, since they need to sell the house before the bank takes it from them. This means that finding pre-foreclosures that are as much as 50% off market value is a real possibility.

In addition to the fantastic prices available on pre-foreclosures, you'll get the benefit of dealing with the owner directly. This gives you, the buyer, the advantage of being in control of a pre-foreclosure deal. It's risky for a home owner to reject your offer; they may fail to sell the property and end up losing everything. However, they are aware that, if they sell the home, they can at least break even or end up with a small profit.

Finding pre-foreclosures is doable in the exact same way as finding homes owned by the bank. They can be found online, in newspapers, or located by telephoning the lender directly. You can judge what is most effective and make your own decision.

In general, there is less competition when buying pre-foreclosures than there is for foreclosed properties. The nice thing about this is that you can save some money and still end up with the home that you want.

Purchasing pre-foreclosures can net you a profit. When looking for a new home, don't forget these types of places exist.
About the Author
Andre Beudein is a man who knows a thing or two about Santa Clarita Valley MLS. He also knows quite a bit about Valencia new homes as well, having just finished a Valencia real estate from that area. Whether you are looking for new homes in Santa Clarita or Valencia real estate, Andre is the one to ask about great deals and pre-foreclosures in each area.
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