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How To Buy Pre-Foreclosures

Dec 3, 2007
What is a Pre-Foreclosure? Pre-foreclosures are properties that have reached the final stages before they get repossessed or taken back by the lender or bank. The owner is still in complete control of the property or home, meaning you can still purchase the property directly from the owner. The bank or lender will repossess the home if the owner doesn't attempt to rectify the situation, which means urgency on the owner's part and good news for you as the real estate investor.

There are several benefits to pre-foreclosures when buying real estate. Even though there are several ways that you can buy a home, pre-foreclosure is one of the best. Though it is one of the best ways to buy property, because people are not familiar with pre- foreclosures and all of the benefits that come with them many people miss out on such great deals.

The prices that are associated with pre-foreclosures are best thing about them. In most cases, the owner has no choice but the sell the house, and therefore will listen to just about any offer that he or she gets. Due to this very reason, you can find pre- foreclosures for sale at nearly 50% off market value. This is an ideal time to purchase, especially if you are looking to save a lot of money.

The greatest advantage is you will also have the luxury of dealing directly with the owner - no third parties involved. You as the buyer get to be in total control of pre-foreclosure sale. In the event that the home owner decides to turn down your offer and cannot find another buyer, he or she will lose everything. Even if you offer the owner a small price, he or she will be able to make a little bit of money selling the home and avoid foreclosure on his or her credit.

There are several options that you have in terms of finding pre foreclosures. You can find pre-foreclosures that up for sale pretty much the same way that you can find homes in which the bank already has control of. You can look in the local newspaper, on the Internet, or by calling the lender directly. You can also call a title company and ask for a list of pre-foreclosures. They will give this to you for free! Once you have found a pre-foreclosure for sale, it's up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre-foreclosed properties, you will find it much easier to purchase a pre-foreclosed home. Pre-foreclosed homes are a great purchase, as they will normally be in better condition than a foreclosed home owned by the bank. Those of you who have been looking for a new home should not hesitate to explore purchasing a pre-foreclosed property. They are a great investment - and can indeed be very profitable in the long run.
About the Author
Angela Karolyn Scott bought her first home at the age of 22 as a single mother with no money down. She is now on a mission to teach others how to create wealth by way of Real Estate. She is giving away a $300,000 house, a Mercedes C Class and a Mercury Mariner SUV Hybrid. You may learn more by visiting www.ForeclosuresMakeYouRich.com
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