Pre-foreclosure financing options

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There is a home that I know is in foreclosure and the “owners” are moving out now. What are some actions or tactics I could use to get ahold of this property before everyone else finds out about it? Any help is appreciated.

Originally posted by @Philip Schambach :

There is a home that I know is in foreclosure and the “owners” are moving out now. What are some actions or tactics I could use to get ahold of this property before everyone else finds out about it? Any help is appreciated.

 Make them a cash offer and closing in 2-3 weeks - of course the price has to make sense for you (and hopefully pay their mortgage off: but if not, then you can do a shortsale).

Where will you find the money to pay "cash" for the property?

Hard money lenders.

The problem with conventional lenders is that it will take them 30 days to close or longer and since the owners are already moving out, an HML can be a good option.

Another option is private lenders but based on your post, this seems to be your first deal, isn't it? So, unlikely a private lender will want to invest with you.

The first thing you have to do is make contact with the sellers. Talk to them and ask if there is anything that you could do. If they are open to selling or you taking over the payments, it might be something worthwhile. Make the contact and start a discussion.

Dont say tactics, it sounds like you are trying to overtake the sellers and that is not what you want to do. You want to help the people out of their situation. Step one is talk with them. That should tell you all you need to know to proceed.