Have you ever heard the term pre foreclosure? Do you think that this means the same thing as a foreclosed home? If you answered yes to these questions you are not alone. But at the same time, if you answered yes you are not familiar with the advantages of buying pre foreclosures.
What is a Pre Foreclosure?
Pre foreclosures are properties that are in the final stage before they are taken back by the bank. In other words, this means that the owner is still in charge of the property. If they do not do anything to rectify their situation the bank is going to repossess the home.
There are many benefits that go along with buying pre foreclosures. The reason that many people miss out on these homes is because they have no clue what they are, or how to go about finding them.
The number one advantage of pre foreclosures is the price that goes along with them. Being that the owner has to sell the house before the bank takes it, they will be more inclined to listen to any offers that they receive. This means that it is not out of the realm of possibility to find pre foreclosures that are up to 50% off of the market value.
In addition to the great price that you can get on pre foreclosures, you will also be able to deal directly with the owner. This is an advantage because the buyer is in the driver’s seat during a pre foreclosure deal. If the home owner turns down your offer and fails to sell the property, they will end up losing everything. They know that if they sell the home they can at least end up making back a little bit of money.
How Do You Find Them?
Locating pre foreclosures can be done in the same way as locating homes that that bank already owns. You can find them in the newspaper, online, or by calling the lender directly on the phone. The decision is up to you, and you can base it on what seems to be most effective.
Generally speaking, when you are buying pre foreclosures you will not have as much competition as you would when searching out foreclosed properties. This is beneficial in getting a great price and ending up with the home that you want in the end.
Buying pre foreclosures can be very profitable. If you are looking for a new home, don’t forget to check out these properties.
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