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Best Deal

December 8th, 2010 admin No comments

Best Deal
whats the best deal for me that I can offer a person in pre forclosure?

I'm looking to buy a home and I've learned that the best deals are buying pre forclosures. So, how should I approach the person and what would be the best deal for me to offer them to walk away, cause I'll be saving them right? But I want the best deal; I want to give them the least amount possible. I need professional advice.

Pre-foreclosure is not something to get into if you don't know what you are doing.

Remember, when you get the property from the owners you will be responsible for all liens against the property, etc. You need to know how to check for all these items.

What will you do if there is a 2nd mortgage on the property that the current owner doesn't tell you about?

What about if they stopped paying the taxes on the property?

What if what they think they owe on the property is not what they really owe? For example what if they took out a $100,000 loan and they think they owe that but they were late so many times the bank has tacked on lawyer fees, etc?

How about any municipal utilities that are lien able, are all those paid?

There is a lot to look at here. If you are serious about getting into pre-foreclosure purchases I suggest you find a local real-estate investing club and learn from them. They are the people local to your area who will know what to look for. Forget any TV or online course, they aren't worth it.