I'm new to driving for dollars and I believe I found a vacant property in pre-foreclosure which could be a potential deal (House in a nice neighborhood with tall grass and a "Notice of impending action" sign on the door). I'm going through the county assessor and i've found the record but I'm sort of confused as to what details to look for other than the property owners. (Yes, the owners are on the record) I know you must pay all the taxes and liens on a foreclosure property but how do things work for a pre-foreclosure? Will you have a chance to buy the vacant property before those liens and taxes hit? How does that process go?
You would have to contact the owner and get them to agree to sell you the property before it gets foreclosed. You would have to pay off the note, all penalties and fees for late payments, back taxes, as well as any other liens that have been placed on the property. If you an do all of that and still turn a profit, go for it. Otherwise move onto the next.
@Peter M. Thanks Peter! How long does it take for a property to get foreclosed? And how do I find out what liens, taxes, late penalties, notes are on the property?
Depends on the state, judicial vs non judicial foreclosure. Non-judicial is much faster-about 60 days. Get a title company to run an abstract of title to get all the other info.