I am new here as well as to real estate investing. I have done a lot of studying online and am currently enrolled in some online courses through my local community college. I would love to learn more about pre-foreclosure’s. There’s one in my neighborhood I’m interested in pursuing. I’d really like to help these people out. I don’t know then personally. But I believe they recently had a family member in a bad accident. The person may have lost their life. I know this is a delicate process. Any advice or links to articles would be much appreciated. In particular is like to know about how financing of a pre-foreclosure from start to end works. How much of my money will be used if any? Where to borrow money if need be? And so on. Thanks in advance!
Hi J Hamilton. A pre-foreclosure is a preoccupied property by the owner who failed to pay mortgage payments for at least three months. With lender’s approval, a homeowner have the choice selling the property on short sale. If the homeowner fail to pay the dues and sell the house during pre-foreclosure, the lender will get full possession and eventually sell the property in an auction. If you want to help your neighbors, the first thing you can do is to put the house for short sale. You can conduct property preservation to maintain the property in a good condition. Work on curb appeal to sell the house faster. Make sure to sell the house at higher price to gain maximum profits. Post selling the property, look for a pre-foreclosure and try to purchase the house as it is. You can get a good deal and then invest on property maintenance. Honestly, you mightn’t need to spend much. I hope this piece of information was helpful!
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