real estate so you wanna buy pre foreclosures

So you wanna buy pre-foreclosures? or at the courthouse steps? So abounding bodies buzz us about this. Here’s our ’30 second seminar’ on it. If you’re going to buy PRE-foreclosures–after the seller is behind on her payments, but before the lender’s auction date-then there are some pros and cons to accede.

Pros: 1) you’ve got a acceptable possibility of buying the abode subject-to the loan from a actual motivated seller who aloof wants out. 2) you don’t charge to accomplish any marketing, aloof peruse the foreclosure notices (added on this subsequent), pull some comps and accomplish drive-bys. 3) There are several *thousand* foreclosures published each month, in the greater Atlanta area-plenty to choose from.

Cons: 1) You’ve alone got about 3 weeks (to beat the courthouse auction) to contact homeowners and amuse signed contracts, title assignment, funding, etc. 2) Most pre-fc homeowners are in denial about their bearings and/or aberrant at the apple due to all their stress and debt collection calls they amuse. Soooo, they’re usually not actual accessible or affable to you and your action. 3) Most really acceptable deals are redeemed (caught up) by the homeowner, and the foreclosure cancelled, aloof before the courthouse auction.

Add you decide to bob in and ‘play the PRE-foreclosure pastime’. We’d recommend you subscribe to the Atlanta Foreclosure Report at (about $600/yr and we don’t accept any commission for recommending them), and amuse the monthly list online. Again, accede doing a lot of bold, cut buttoned up the clutter mailings to the pre-foreclosures you’re considering, to amuse their attention and accept them call you. Bethink, their mailbox and answering appliance is filled with debt collection stuff. You charge to stand out, and hit them generally. You might appetite to mail a altered neon postcard or lumpy mail (trash can, stick of dynamite, handcuffs, etc.) *every few days*, until they’ve grown to according to you or are curious enough to call you.

If you choose to skip pre-foreclosure and actually buy foreclosures at the courthouse steps-then you’re dealing with the foreclosing attorney and the lender, not the homeowner. The biggest things to accumulate in apperception is you’re expected to pament all cash by the END of the auction day; you’ll accept to amble your own title exam in advance; and you’ll probably accept to guess what condition of at ease interior is since homeowner may not accept let you inside. Another choice is to buy the note/mortgage for cash at a abysmal discount, direct from the lender, prior to the courthouse auction. You don’t accept to deal with the homeowner that road, but you accomplish accept to accept access to funds, and you will still accept to accomplish your own foreclosure after you buy the mortgage.

Ace of accomplishment & abundance,

Lou Castillo

About The Author

Lou Castillo

FREE! Absolute Estate Investing Secrets To Earning $100,000 Your 1st Year! — 11 Overlooked Absolute Estate Statregies That Will Turn Your Investing Bag upside Down And On The Accelerated Track TO Accomplishment…Guranteed! Plus A Bonus Track With A Secret So Acknowledged It Can Twin Your Investing Income Overnight!

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Originall posted March 18, 2012