How do you feel about pre for closure

2 Replies

in in the process of finding my nitch and I just stumbled across pre foreclosure how does everyone feel about that?

What nitch would that be? Buying preforeclosure is like trying to jump on a train pulling out of the station, picking up steam, going around a corner, where there is a cliff up ahead. Time it perfectly and you MIGHT get a ride. Slip up at all, anywhere at any time in the transaction and you get run over.

You are dealing with two entities in a pre foreclosure, with only one entity that you can talk with (Seller) and that entity really has no say so in the transaction. Sure, you can get "3rd party authorization" to talk with the bank. Who cares? The bank isn't interested in what you have to say so, you get your agent to talk with them. Bank isn't concerned with what they have to say. make a purchase offer, get the offer accepted, submit it to the bank and wait. Pretty simple if you ask me.

Too many variables to answer the question. A paradox is that the seller is generally not motivated. There are exceptions, but generally the motivated seller has gone the short sale route or listed the property. The vast majority of pre-F have low or no equity, are unapproachable, have property impairments, and most likely hate you for contacting them.