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Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part One

Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part One

You want to dabble in purchasing homes in pre-foreclosure status, but are unsure what to do. Follow the first five steps in a very simple nine step process to get yourself halfway there. Finish up the process by reading part two of this article,

However daunting the task of saving a house and its owners from foreclosure may appear at first it?s really just a series of standard repeatable steps to move through from beginning to sale and profit. Especially since finding a pre-foreclosed property on the real estate market can be easy if you know what to do. It?s also a cinch to move through the process of transferring the property into your name and selling it on the market for a nice tidy profit.

Let?s take a brief look at the steps involved in finding the default property, contacting the owner and getting him or her to reply. Also see what you need to do before heading over to meet the homeowner.

1. Find the notice of default You?ll start this process by looking for potential clients. The owners of homes about to go into foreclosure don?t usually like to advertise the fact so you?ll have to be the one to do your research.

The Notice of Default is what notifies the owners that their homes are being foreclosed on. Some places allow lenders to place the Notice of Default in the local newspapers. You can try glancing through the classifieds to check out potential properties. If all else fails, the place to go is the county courthouse. Everything about a property is recorded in the county clerk?s office. Many times you?ll be able to get a list of properties in pre-foreclosure status or foreclosed status there too.

2. Mail a letter to defaulted owner of property, preferably with testimonials Once you?ve found some properties about to go into default contact the owners by sending out letters notifying them of your interest in relieving them of their burden and maybe getting them a little cash to take away from the deal.

Other investors tend to have a series of standard form letters that they can mass mail to potential clients. You may find that it?s a lot easier on your wrists to come up with a few form letters to send out instead of making up a new letter each time you want to contact homeowners. 3. Fill out a property evaluation form and make an appointment When a homeowner contacts you take down some important information about the property over the phone. You?ll want to know what the situation is, price of the mortgage, basic number of bedrooms and bathrooms and other essentials. This will help you to appraise the property before heading over to visit the homeowners. It?s a good idea to create your own property evaluation form and make copies of it to fill in.

4. Appraise property before visit with owner Use your time before the appointment to meet with the homeowner to research the property and get an idea of whether it?s worth it to you to purchase it. Check out the selling prices of similar homes in the area, and calculate how much the property would need to sell for in order to cover the cost of the mortgage and pay the owners some money, and give yourself a nice paycheck too.

5. Strategize/need agenda before going over It?s important to have a basic plan before going to meet with the homeowner. The homeowner will want to know what you can do for them. So you should research well the process involved in transferring ownership of the Grand Deed into your name and how you will go about paying up the mortgage and paying the owner for the property. It can be helpful to have a written timeline and plan to give to the homeowners.

Now that you know how to find the property in default, get the owners attention and how to prepare to meet with them you?re ready to move onto the Step-By-Step Method to Purchasing a Pre-Foreclosure Home: Part Two detailing what to get the homeowner to sign and the steps involved in preparing the home for the real estate market. Keep on reading!

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