Updated over 8 years ago on . Most recent reply
***Help*** looking to buy my first investment property.
Where do I start with buying my first foreclosure? I'm pre-approved for a mortgage, but can I use that for a foreclosure?
Or
Can I finance a pre-foreclosure if the current owner is willing to sell?
Most Popular Reply
Buying a foreclosure without cash in hand is possible, but will require some creativity, such as partnering with someone with cash to acquire it, then turn around and sell it to you for a small fee.
IMHO, buying a pre-foreclosure will be more challenging because you will be dealing with bank approvals, which can take months, most of the time these institutions will favor cash buyers because there is less risk, i.e. your financing will not fall through at the last minute.
Find someone that has done these types of deals before and look for ways to add value to their business, and you will learn a lot along the way.
Best of luck!