Buying Pre-Foreclosures (Non Judicial) Foreclosures To Do Fix & Flips or Rentals

[Ken M.]

Pre-Foreclosures / Foreclosures fit into several groups and are done under each State's laws. It varies by State.

Primarily there are Judicial & Non Judicial foreclosures. Out west and midwest are typically Non Judicial, that means they don't have to go to court to foreclose. East coast is typically Judicial, it involves the lender suing and going to court to get the right to foreclose.

I like to say that Pre-Foreclosures are after the Notice of Default but before the "Notice of Trustee" / "Notice of Sale" is recorded and

Foreclosures are after a "Notice of Trustee" sale has been recorded and a sale date is set.

"Recorded" means that paperwork has been filed and accepted at the County recorder's office. There will be several dates you want to track depending on the state you are buying these in.

These all involve different approaches and techniques to purchase the property. I specialize in the Pre-foreclosures for a couple of different reasons but you have to be careful since the laws have changed. But it makes for a nice profit margin

Whether you're a new or experienced real estate investor looking for cash, private lenders, or creative financing, consider asking the seller to become your private lender through seller financing, owner financing, or other no-bank financing strategies.