| House hunting isn't what it used to be with | | | | the information about the pre-foreclosures, so be sure |
| comprehensive inventory listed with your local Realtor's | | | | to ask your important questions for the seller at each |
| office and a fixed price tag on each property. Today's | | | | property inspection. |
| savvy real estate buyers know how to exhaust all | | | | Not all a bed of roses, some of the disadvantages of |
| their resources to search out the best bargain deal | | | | buying a pre-foreclosure include the following: The |
| while maintaining the integrity of their standards for the | | | | sellers are strapped with a mortgage that they cannot |
| property they wish to buy. | | | | or will not continue to pay, and they wish to transfer |
| Purchasing at a pre-foreclosure is a viable option on | | | | the property and wriggle out of the loan balance. |
| the table, helping both seller and buyer meet their | | | | Sometimes the deal is in the best interest of the buyer, |
| financial needs. However, like everything else in life, | | | | and sometimes it pays to walk away. The seller has |
| these purchases have their unique ups and downs that | | | | the option to make the property more attractive with a |
| separate it from traditional house hunting. Regardless, | | | | deep discount offered, however, they will be |
| using foreclosure listings is a smart way to shop and | | | | responsible to pay the difference between the final |
| should be your first real estate tool rather than the last | | | | sale price and what is still owed on the mortgage loan |
| resort. | | | | balance. In a nutshell, the buyer's low ball offer stands a |
| Some of the advantages to securing your next | | | | good chance of being rejected by the seller. In cases |
| property through a pre-foreclosure sale include a wider | | | | where the seller is highly motivated, and does not mind |
| margin for negotiation than buying a piece of property | | | | carrying the differential loan balance on their credit, the |
| from market inventory at full price. The distressed | | | | pre-foreclosure sale is a win-win situation for both |
| home owner has received a Notice of Default, Lis | | | | parties. |
| Pendens, or has been advised by a real estate | | | | Buying a pre-foreclosure will take some effort, time |
| professional to place their home on a short sale. If the | | | | and patience on the part of the buyer, however, for |
| property can be sold at a fair and equitable price for | | | | the seasoned real estate home buyer or investor, the |
| both buyer and seller, then it may be a sweet deal well | | | | savings can be dramatic. Be sure to take a checklist |
| worth the effort. | | | | for the property features, estimated repairs and |
| The difference between a foreclosure and | | | | landscaping, and balance out a few properties versus |
| pre-foreclosure is that the seller is most likely still living | | | | final price to get the best deal. In addition, if the home is |
| in the home. This usually means the buyer may | | | | still owner occupied, the sellers may take up to 90 |
| conduct their own due diligence with a walk-through, | | | | days to close escrow. Check with a foreclosure |
| employ professional inspections, and they have the | | | | listings company to get a comprehensive list of the |
| option to ask the owner to make any necessary | | | | pre-foreclosure opportunities in the area and get |
| repairs. Foreclosure listings do not always disclose all | | | | started today. |