What to do with Pre-Foreclosure?

3 Replies

So I went driving for dollars around my neighborhood and I noticed not too far from my house (literally like right behind my house) a house that was distressed. Grass was very long, siding and windows a bit old and it just looked like the owner didn't care about the property anymore. After that I went on Zillow and noticed that the property was under Pre-Foreclosure. I decided to leave my phone number on the door. To make the story short. The owner called me today and was as motivated to sell as anyone could be. Whats my best option to invest in his soon to be foreclosed house with very low money down? Owner financing wouldn't work because he obviously doesn't own the property free and clear. But would I be able to pay what he owes and take over his mortage? Im a newbie as you may be able to tell haha. Thanks!

What are the numbers - Loan amount, back pmts, monthly pmts, comps (you should have an idea since it's right on your backyard), equity?
Sounds like a subject2 deal but need to understand the above first..

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