Saturday, April 9, 2011
Pre Foreclosure Homes - Close the Deal
The real estate investor who can purchase property at under fair market price is in good position to make increased profits from the deal . Where does an investor locate good homes at dramatically discounted cost ? One niche market is pre foreclosure homes. Pre foreclosure homes are houses that the bank or lender has filed a notice of default on, but the home has yet to be sold at a public auction or trustee sale. There is an amount of time between the filing and the sale when the property owner still maintains control of the house . To halt the foreclosure, the owner needs to pay mortgage payments to current, or he has the option to sell the house . This window of time is the ideal chance for the real estate investor to make a deal on the property . As an investor, you can maximize your profits by negotiating with the seller for a big discount off of the current market value of the house . As the buyer, you will also be allowed to inspect the property and learn what repairs and renovations might be needed . This inspection can also help you decide the amount to offer on the home . There are foreclosure subscription services that will furnish listings of pre foreclosure homes. The cost of the service is minimal , and worthwhile in time and research saved. The old method of researching records at the county courthouse was time-consuming and tedious. While getting a look at the public records costs nothing , your time should be worth more, and the small fee for the subscription service should pay you back with your first pre foreclosure homes purchase. The foreclosure market has been a target for the real estate investor due to the deeply reduced prices. The same big price reductions can be found on these pre foreclosure homes, with the additional advantage of being able to deal and negotiate with a highly-motivated homeowner . It’s worth taking a look at the pre foreclosure homes market.