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Buying Pre Foreclosures

Gloria Smith

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Buying pre foreclosed homes is one of the best ways to buy real estate.

Pre foreclosures are properties that are on the final stage on the verge of repossession by the lender or bank. Although the owner is still in complete control over the property, and will remain to be so if he makes payments on the mortgage, failure to do so, however, will foreclose the property.

During this period, many homeowners will do everything to retain his or her property. In most cases, owners will have no choice but to sell the house or risk losing everything. To avoid doing this, some owners will sell their pre foreclosed property at a very low price. Some even sell at nearly half the price of the market value of the property. This is what makes pre-foreclosure an attractive deal in real estate.

There is benefit to buying pre-foreclosed property. Foremost, of course would be the low price at which it can be acquired. For those looking to save money on real estate, this really is an ideal time to purchase.

Aside from saving on the price of pre foreclosures, you'll also have the luxury of dealing directly with the owner - no third party involved so you are in total control of the transaction. The homeowner is usually forced to accept the deal in your terms, rather than completely lose the home and not make any money out of it.

Finding pre foreclosures is similar to searching for properties or homes that are being sold by the bank. These are usually listed in the classified ads, on the internet, or through direct contact with the bank or lender. You can find these in the classified ads in the newspaper, on the internet or by calling the lender directly. Pre-foreclosed properties are also easier to acquire because there is less competition compared to foreclosed properties that are usually put in auction.

Those of you who have been looking for a new home should not hesitate to check out pre- foreclosed properties. It is not only a sound investment; it can also be good business in the long run.

To learn more about Pre-foreclosures and flipping short sale properties visit:


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