How to buy a pre-forclosure property

1 Reply

Hello folks,

How do you search and contact owners who are in per-forclosures. What are some of the strategies people have used successfully and how does the process goes? Does it really worth to pursue those properties. There is one property in my neighborhood, which is on zillows for more than 1000 days but it is still not up for sale.

Thanks

Praveen

@Prasoum Dane  zillow is not very accurate in some aspects of its data.   Every state has different foreclosure laws and procedures.  I know nc law but really know nothing about ma law.  But in general the foreclosure process is going to have to pass through the court system some states fast than others. Once the process starts this information is public knowledge meaning it can be retrieved via your states court records which most will be available online other you may have to make a trip to the courthouse.  Maybe pay a local real estate or an attorney that works on a lot of foreclosures and meet with them briefly to advise on your states exact laws.  

A direct mail campaign is another good idea you might not only get preforeclosures but you might get some great motivated sellers.  Also properties that already have been through the foreclosure process you can bid or make offers on these properties this again depends on how and what your state allows after the process.  Sometimes if the property is in pre foreclosure or already been foreclosed on does not mean it's a good deal a lot of banks are getting higher prices than ever on there forclosures.  Also check with some of your smaller and regional banks and get a list of there reo properties.  Hope this helps you out and good luck.

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