Pre foreclosure purchase

3 Replies

Hello BP. I'm seeing some properties in my area in a pre forclosure status, and I would like to know how would one go about purchasing these properties, without having to wait until it reaches foreclosure and going to an auction? I would like to live in it for a while, before eventually turning it into an investment property. I absolutely do not want the FBI knocking at my door, lol, so I want to make sure I'm going about it the right way. Looking forward to your experiences, knowledge, and advice!

Ask the owner if they will sell it to you. If they say yes, buy it? It's really that simple. A property that is in foreclosure sells no differently than a property that isn't in foreclosure. That said, foreclosure rescue scams (Which I get...you wan to do everything right) aren't simple. To keep it simple (And to protect yourself), hire an agent.

Originally posted by @Jessica Thompson :

@Ron S. Thank you for your response. From everything I've read so far, the property needs to be brought current first, is that correct?

 No. As long as you have time, you bring it current (with a payoff) when you close. If you have a sale date fast approaching, yeah, needs to be brought current or, the lender has to agree to postpone the sale (They don't have to postpone).