Foreclosure and pre-foreclosure

[Anna Smith]

Tell me about pre-foreclosures and foreclosures... when I search Zillow, I see a few of them in the area I wish to invest in. What is the first step to acquiring a property like this? Do I call a real estate agent, the owner, the bank that might own it, the county? Can I still purchase it from the owner or, after it has gone into foreclosure, do I have to wait for an auction? Thanks, Anna

[Carletta Grier]

@Anna Smith - You should reach out to contact listed on Zillow to verify the property is still available.  Zillow post these properties based upon pre-foreclosure documents recorded at courthouse . The contact is sometimes the lawfirm that is handling the foreclosure. In General as long as the foreclosure sale has not occurred you can purchase the property directly from owner but it will be difficult if there is a pending sale date and you can settle quickly. Tennessee has a two year redemption period unless the deed of trust has language that waivers the right of redemption. Hope this helps.