Posted by Kristine-CA on July 04, 2003 at 15:54:09:
IB: sorry, I wasn’t thinking about pre-foreclosure deals which are a whole different story. I get calls from people with vacant property that live out of the area. The properties usually have several problems such as ownership issues, probate issues, tax debt or other kinds of debt.
Letters to pre-foreclosures probably don’t work very well where I am either. Everyone and their brother is trying to buy from sellers in pre-foreclosures here. Many of the properties that I track have no equity and will not cash flow (per my evaluation) and still an investor comes along and pays the owner $500 for the deed and mows the lawn and puts out the lease/option sign.
I might be missing something here, but it doesn’t look like fun to me.