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Guide to Buying Preforeclosure Properties

Buying the house that is in the preforclosure status is something that will benefit both the distressed homeowner and the real property investor. Buying a preforclosure property will make you acquire it at a very low price and it also benefits the distressed owner since he will not lose everything and will receive money from the payment of his property. Then you can sell, rent, or assign the contract to another investor for a profit.

Finding preforclosure properties are possible and can be done in many ways. Below are the ways to find preforeclosure proeprteis.

The first thing to do is to check out your county clerk or recorder’s office. Transactions between homeowners and their lenders are usually listed in public records. The official notice filed against the homeowner by the lender after they miss even a single payment is called NOD or lis pendens. You can actually get a copy of this list of notices by paying a certain amount which depends on where you live. The preforclosure property owner has no contact details in these files so you have to do your own research to find them. You need to be ready to spend some time since there are a lot of documents to check out. There is a need to spend time in doing research since it is possible to find foreclosure leads.

A mortgage broker is another source of preforeclosure properties. You can be referred by the local mortgage broker as a free source to distressed homeowners. Most of the owners who are with preforeclosure status usually are not able to pay their mortgage, and they try to get their loans modified or refinanced from their mortgage broker, but they re unable to arrange new payment terms. Selling their homes fast is the only option left to them.

Some of these homeowners are not really familiar with foreclosure processes and so they need honest counseling and guidance. You can give the owner a fresh start by offering to purchase their house.

You can also find preforclosure homes in an online preforeclosure database. If you use an online foreclosure database, you can easily get leads on preforeclosure properties. But you need to choose the right online service. A list for preforclosrue properties should be found in the online foreclosure database. There are many online sites which are not reliable and does not yield any search results. The reliable online foreclosure data base is complete with a list of preforeclosures all over the country, including the pay off, equity, attorney handling the case, and other information. If you want fast, easy and accurate preforeclosure information, check out the online foreclosure database. 20 to 30 leads can be generated each month which gives you a list of properties to acquire that is way under market value.

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