The pre-foreclosure stage can yield some real bargains, but most experts agree it’s the most difficult stage during which to purchase a distressed home. Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in nonjudicial foreclosure) or lis pendens (in judicial foreclosure) has been issued.
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Before a house is foreclosed on, vacated and becomes a REO listing it is considered a pre-foreclosure. Pre-Foreclosures are historically bad investments for a number of different reasons: home owners don’t Normally Leave the House in Good Condition Not all houses are voluntarily vacated by the occupant and this is not always an easy task.
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The easiest way to buy a pre-foreclosure home is to help the seller to make up the back payments and then arrange to buy the home directly from the seller. One particular problem with this scenario is some sellers do not want to sell their home. It’s often profitable for an investor who deals directly with the seller.
A pre foreclosure happens when a borrower defaults on their mortgage but before the bank fully forecloses on it and sells it at auction. During this time, the seller can either sell the property or make good on the outstanding balance owed. An investor can typically buy a pre foreclosure at a discount.
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Buying a home that is in pre-foreclosure is basically the same as purchasing any other house, except that it generally does take longer and you may need the lender(s) and/or owner of the "note" to approve the sale. Either because there is no equity or the lender may have added additional fee’s on top of the original amount owed.
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Buying a property in pre-foreclosure involves approaching the owner – usually before the property is listed for sale – and offering to buy it outright. The right buyer at the right time can salvage a terrible situation, giving the owner something to show for his equity and saving his credit score from that foreclosure hit.