I stumbled onto a site called RealtyTrac.com and was able to find a dozen or so homes in my town that are in pre-foreclosure. There is a seven day trial (which gives you the home info, along with contact info in case you want to directly get ahold of the home owner). I know very little about this, but the balance of these homes are SO LOW!
I wonder, does anyone have any experience in dealing with pre-foreclosures? Is it worth the effort in trying to "buy out" the current owner... is it even possible for the "ordinary person" to do??
Thanks in advance for your help!
2006-07-03 10:18:36 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I am a real estate broker and investor in Southern California. I use this company as one of many sources for pre-foreclosure listings. I find that most of their info is outdated, but because of the foreclosure timeline in California, that is ok with me.
Now, to understand what the numbers mean and how you could use this info to your advantage, I suggest you read a book called "Quick Cash In Foreclosures" by Carey.
In my personal opinion, it's much better to buy out the equity of an owner or walk into a home by taking over the payments instead of paying retail prices for a home and find traditional financing. Especially if you find a pre-foreclosure in which the owner's loan is from 2002 with a low interest rate. I must warn you, it is hard work to locate a willing owner and negotiate a deal, but it's worth it. The only downside is, you have to fall in love with the numbers and not the house. However, a smart person would consider that as an upside. ;)
Also, unless you're good at determining value of a home, I suggest you work with someone that does. Find one that knows about non-traditional home ownership and knows what contracts to use and how to obtain the property. The book should help.
Regards
2006-07-03 11:13:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't waste your time on "pre-foreclosures" or RealtyTrac. I tried them out before buying my home and all of their info was outdated. Not one single listing I inquired about was accurate.
2006-07-03 17:30:44 · answer #2 · answered by Nicolas O 1 · 0⤊ 0⤋
Yes, hello My name is Tamisha, I am a real estate agent-investor in Michigan. I have purchased a exclusive site from them and have found that the information is unbelievable. I it worth the small investment because it is all about what you do with it
2006-07-03 17:41:27 · answer #3 · answered by Tamisha K 1 · 0⤊ 0⤋
This is highly speculative. If you have intimate knowledge of real estate law and practices in your area it might be worth it. If not, stay away!
2006-07-03 17:29:35 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋