Looking to find pre-foreclosure homes but couldn’t find one? Don’t panic we’ll help you to find one. Homes in the beginning stage of the foreclosure process are known as foreclosure homes. Even though it can be a challenging purchase but it has paid off for many investors, as they can bag a deal below market value. Unlike a foreclosed home, these homeowners are free to work with an investor for selling purposes.
Where to find Pre-Foreclosure Homes?
Buying a home that is in the pre-foreclosure process is a very smart technique for finding a good deal. For this, you need to be very sharp and smart before the property gets in the hand of other realtors. There are some of the ways you can find these homes.
Methods to Find Pre-Foreclosure Homes
1- Online Listings
Online directories provide pre-foreclosure listings. Details of the owner along with pictures of the property are also provided. Many directories are providing these services like Zillow and REDX. Some of them charge a subscription fee for their services.
2- Public Records
Public records are also very beneficial in the search of a foreclosure property. The county recorder’s office holds the data of pre-foreclosure listings. The records can be seen in the list of foreclosure homes at the county recorder’s office. This record contains the latest information about properties at the pre-foreclosure stage. This can be time-consuming but can be helpful too. Some records can be found online for a little fee.
3- Real Estate Agents
Real estate agents can also be helpful while finding pre-foreclosure homes. These agents have access to MLS which is a database for real estate agents exclusively. These agents will do most of the work for you and they will negotiate on your behalf. They will also provide you with all the available information about the property. These agents charge some commission for an efficient process and paperwork.
4- Local Newspapers to find Pre-foreclosure homes
Local newspapers can also be very valuable while finding pre-foreclosure listings. These newspapers publish the property details of properties in the process. At the beginning of the pre-foreclosure process, the notice is published in a newspaper under the legal section. This information won’t contain the pictures or specifications of the listing so you have to do your research. Newspapers provide up-to-date information and are very easily accessible. Another benefit is many investors turn to real estate agents and directories first, so the competition gets less.
5- Real Estate Wholesalers and Attorneys
Another source of finding pre-foreclosure homes is attorneys and wholesalers. These experts are very professional and they specialize in real estate. They will share their leads once you establish trust with them. Attorneys are representing clients who are in the process of foreclosure. They may also represent people who cannot afford the homes they have inherited. These leads are known as probate leads. These individuals can provide you with listings that other agents don’t know of. Real state wholesalers create buyer and seller lists that they save for upcoming campaigns.
Tips for purchase of Pre-foreclosure homes
The first step in this process is to look out for properties and find one. This procedure’s a little tough because these houses are not listed for sale yet. You can search online or through a real estate agent. Local newspapers, attorneys, and wholesalers can be very beneficial for finding this kind of property.
Once you’ve identified, you should go and see yourself to get a general idea about the property. This could lead to a meeting with an owner or the next-door neighbor. Checking public records will help you know more about outstanding taxes or loans, etc. Some research and math should be done to deduct the expenses you will encounter. You can use this figure to negotiate with the buyer.
After doing the homework, you should contact the seller and let them know your interest. Some homeowners facing foreclosure can be very upset, so having good communication skills can be very supportive. Try organizing a meeting so you can walk through the pre-foreclosure home and discuss the terms.
- Finalizing the deal
Being creative while negotiating can be very fruitful to the buyer while looking for such homes. Your potential offer would be considerably low than your breakeven figure so that would be a big advantage. Some owners are ready to lower the price if one allows them to live in the property for a month or two. Once the deal has been reached, prepare an agreement or you can hire an attorney for this purpose.
How Regentology can find you a Pre-foreclosure home
Regentology can help you find pre-foreclosure homes by connecting you with the best real estate agents. Our agents will simplify these steps for you in finding a pre-foreclosure home due to the familiarity and experience of the area. Filling in the information form will help you get a free consultation with the best professionals around your area.