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Pre-Foreclosures

At this stage, you're trying to get in contact with a home owner who's on the verge of foreclosure and see if they're willing to sell the property to you before they foreclosure.  This can take time though, the lender or bank must approve this sale, and the bank wants to make sure they're getting enough money.

If the home owner is not under water, they owe more on their loan than the home is worth, then you might be able to entice them to sell to you with a cash playment, or at least a portion of the payment in cash.  These days, with some many homes nearing foreclosure, you're able to negotiate a bit more with home owners.

There are risks in buying preforeclosure properties, one is that if the owner of the property goes bankrupt, the court take a closer look at the price the property was sold for and seek a higher price.  The money you put towards the buying of the property, the consideration would be returned but the property, but you'd also lose the sale.  One thing to be sure of is that the money you put towards a property is refundable if the sale of the property doesn't go through.  Always good to get everything written up and consult an attorney just in case.

The question is, how do you find the people who are on the verge of foreclosure?  One way to find them is to advertise your services, you buy property and pay cash.  You're someone who can come in and save them from foreclosing and destroying their credit.


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