I’ve been interested in buying Pre-foreclosures but haven’t given it a try yet. What strategies have some of you tried that have been successful?

Originally posted by @Shane Ward :

I’ve been interested in buying Pre-foreclosures but haven’t given it a try yet. What strategies have some of you tried that have been successful?

I don't know the law in PA but when I buy them out west, I know there is a short time frame and a lot of money involved. Generally you have to find someone willing to sell and close before the sale happens. Then you have to get them to move. Then you get to find out what you bought. Just be sure you know what you want to do with the property before you make an offer.

@Shane Ward

Are you looking at short sales? Just note that for residential properties, lenders often have restrictions on the amount that they can approve. And it's often a long process where the lender needs to get permission to do so. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

Thank you for the response. I guess I’ve just heard that people do it with success. When  I look in areas I am interested in buying in there are always pre-foreclosures listed. I’m looking at auctions as well trying to find deals. It’s very tough right now. Some recession. 

Buying a home in foreclosure is like buying any other property but potentially more sensitive or on a more limited time frame ( if property has equity ). If it has no equity than it would be a short sale.