Pre-Foreclosures are ideal for real estate investors who want to flip homes for fast profits or those that want to find a really great deal on a home.
Pre-foreclosure listings allow you to buy foreclosure homes BEFORE they are repossessed by the bank. This is when the owner needs to sell and is willing to drop the price in order to save the home from the banks repossession.
With Pre-Foreclosures & Foreclosures you will find:
* Homes typically 23% - 38% below market value
* 99% of people don`t even know about them or that they are available for sale so there is less competition to buy
* More property selection
* More property information
* Easy & Quick viewing of the property
A pre-foreclosure means that a formal warning has already been served to the home owner that has delinquent payments. The moment the trustee files a Notice of Default, we are able to access the information and pass it along to you.
Since it is unlikely for a distressed homeowner to have good credit, a foreclosure will ruin his credit history even more. This will make the purchase of another home or establishing other types of credit extremely difficult in the future. If you can purhcase their home (quickly and discounted), you will be able to help them save their credit.
Now, if their property becomes foreclosed, they will most likely lose the equity in their home. However, if you are able to pay the homeowner a small amount over their mortgage balance, it should be more than what they would receive at auction. This is because the owner's equity is often eaten up by expenses, and legal fees prior to the auction itself. You can help them save this equity buy purchasing their pre-foreclosed home!
It really is a win/win situation because you will be saving a lot of money on buying a home, as well as helping the homeowner out of a tough situation!
Interested in finding out more about these types of properties?