PreForeclosure, how exatly does it work

1 Reply

So my question is this, let's say you find a property in preforeclosure, how can you find out how much is owe on the property and I'm assuming you as the buyer have to pay the remaining balance to pay off the loan? If I do wholesale I'm guessing I will need to know how much is owed so I can guestemate a good deal? I'm just lost on this one just starting out and not sure on how or what to purse either in wholesale or just buying in general 

Juan,

Often times those details can be found in public records. It will usually state how much in arrears the loan amount is, plus fees/fines. Just calculate that against the original loan amounts--which is also usually stated on those docs.

You may want to consider BP's system: 

http://biggerpockets.foreclosure.com/

Best to you!

TM