This can be challenging if the buyer is emotionally distressed by the process. Plus, you can often get a chance to view or inspect the property before you purchase it, whereas with foreclosure you typically don’t have that option.īut, with a pre-foreclosure, you’ll often have to negotiate with the buyer directly, as opposed to an agent or auction house. Pre-foreclosures often give you more room to negotiate, because there isn’t as much competition from other buyers. But it depends on the situation and your investment strategy. Typically, buying a home that is in the preforeclosure process is favorable to buying a home that’s already been foreclosed upon. Lastly, you might also be interested in learning more about the best websites for finding foreclosure properties.
The best way to find the best deal possible is to develop a few different lead pipelines and keep your eyes and ears open for any opportunities that come your way. Lis Pendens – or notice of foreclosure – are often published in the legal section of the local newspaper. Plus, local newspapers are another good resource you can use to locate properties in the process of pre-foreclosure. Even just mentioning your real estate business to friends and colleagues in your personal network can be a good way to hear about preforeclosure properties before they are listed online. An additional way you can locate pre-foreclosure properties is to network with other real estate professionals in your area.Īside from wholesalers, real estate agents, attorneys, and mortgage brokers can be a good resource for finding homes in the process of pre-foreclosure. So it’s vital to get creative and develop your own unique strategy for finding pre-foreclosures and other potential properties. A big part of how you make your money as a real estate investor is your ability to bring in leads.
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