What to Know about Buying Pre Foreclosures

By
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

Pre foreclosures are known as properties that have reached the final stages before they get repossessed or taken back by the lender or bank. The owner is still in complete control of the property or home, although the bank or lender will repossess the home if the owner doesn’t attempt to rectify the situation. Normally, if the owner makes things right with payment, the pre foreclosure will settle and things will go back to normal. 

When buying real estate, there are several benefits to pre foreclosures. Although there are several ways that you can buy a home, pre foreclosure is one of the best. Even though it is one of the best ways to buy property, many people miss out simply because they aren’t familiar with pre foreclosures and all of the benefits that come with them.

The best thing about pre foreclosures is the prices that are associated with them. In most cases, the owner has no choice but the sell the house, and therefore will listen to just about any offer that he receives. Due to this very reason, you can find pre foreclosures for sale at nearly 50% off market value. This is an ideal time to purchase, especially if you are looking to save a lot of money.

Along with the great prices you can get with pre foreclosures, you’ll also have the luxury of dealing directly with the owner – no third parties involved. This is a great advantage, with buyers being in total control of pre foreclosure sales. In the event that the home owner decides to turn down your offer and cannot find another buyer, he will lose everything. Even if you offer the owner a small price, he will be able to make a little bit of money selling the home.

You can find pre foreclosures that up for sale pretty much the same way that you can find homes in which the bank already has control of. You can look in the local newspaper, on the Internet, or by calling the lender directly. There are several options that you have in terms of finding pre foreclosures, giving you plenty of options. Once you have found a pre foreclosure for sale, it’s up to you to seal the deal and get the home of your dreams at a very affordable price.

When you compare foreclosed properties with pre foreclosed properties, you’ll find that there is less competition involved with pre foreclosures. Pre foreclosed homes are a great purchase, as they will normally come at a very affordable price. Those of you who have been looking for a new home shouldn’t hesitate to check out pre foreclosed properties. They are a great investment – and can indeed be very profitable in the long run.

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Rainmaker
3,194,973
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

This is a niche that many are not familiar with. Good explanation!

Feb 13, 2017 07:23 AM #1
Rainmaker
786,193
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Will Nesbitt interesting post, we get calls from many peopleperusing different sites that are interested in pre-foreclosures, but in our area they can take a long time to go to foreclosure and often don't get taken back by the bank. When they do, they get relisted as REO properties. i have found the banks to be very unhelpful when you have a client interested in a property before they relist them.

Feb 13, 2017 07:26 AM #2
Rainmaker
1,329,539
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Will,

Thanks for sharing this info about the advantages of buying pre-foreclosures.

Feb 13, 2017 07:35 AM #3
Rainmaker
4,432,267
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information. I will bookmark this and share with others.

Feb 13, 2017 10:32 AM #4
Rainmaker
2,036,914
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Who to call for foreclosures? Will Nesbitt is who I'd call! I recommend him and endorse Will!

Feb 13, 2017 04:15 PM #5
Rainmaker
4,797,528
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Will.  Pre-foreclosures can be an excellent investment opportunity, but it's highly recommended that the buyer perform their due diligence prior to buying.

Feb 14, 2017 05:14 AM #6
Rainmaker
5,428,681
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Investors will appreciate your advice. They will be happy to take advantage of a 50% discount.

Feb 14, 2017 06:14 AM #7
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Rainmaker
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