How to assess a Ripe Preforclosure.

Question

Hello, I am searching for Preforclosure Properties. What are the most important factors do i have to consider when looking for the RIGHT properties. Especially the ones that are most likely to sell.

Account Closed · Answer

@Jessie Hill

Equity. If the property is in pre-foreclosure, there are unpaid payments that have to be brought current. Sometimes unpaid taxes. Sometimes other liens. Sometimes the owners are split and you need both signatures but can't find one owner. Sometimes it is in bankruptcy as well. Any other questions ;-)

Jessie Hill · Answer

Greetings Jackie.

We just need to assess the situatiion before we can find a viable solution. This is a time sensitive matter. Let's see what options you have. How much do they owe And when do they owe it by. We need to know who they owe and find a contact number on them. Then we can go from there

Jackie L. · Answer

Hi,

I am a newbie investor and I am currently looking at a family members house that is in pre foreclosure I believe if not foreclosure. She has been out of the home exactly a year. I know that I am going to need a partner on this deal, It will definitely sell but I don't know the exact steps to start. Another BPer told me to find out how much to cure the loan before the sale date and when is the sale date. Ken, is there anything else I need to know to have her find out? This deal fell in my lap and I don't want to pass it up if its a good deal :)

PS Sorry Jessie for hopping on your post, you guys were talking about something I am working on and needed a bit of guidance :)