Pre-foreclosures can be tricky, and it’s important to know how to best use pre-foreclosure lists and – more importantly – how to contact and communicate with the owners if you want to successfully invest in pre-foreclosures.
You’ve probably heard of pre-foreclosures and know what a pre-foreclosure is, but let’s quickly refresh our memories… after all, it’s certainly a great strategy to have in your investing arsenal.
A house typically becomes a pre-foreclosure when the owner is more than 90 days late on their mortgage payments. At this point, the lender will start the foreclosure process with a notice of default.
Sooner or later, you’re going to have to pull comparables on the properties you’re considering buying. It’s an important part of every successful Real Estate Investor’s day… So let’s define a couple of terms before we dig into this… First, the “subject property” is the one you’re considering buying. Comparables are your absolute best tool to determine the value of the subject property. Real estate agents and investors like you and I will “run or pull comps”, to determine and justify the value of a subject property based on comparable properties that have sold recently within the area. In other words, properties
After you’ve had a chance to watch the video, please let me know what you’re thinking by posting a comment below. Cam PS. Here’s a somewhat cleaned up transcription of the video.
Hello, Cam Dunlap here, for a white board exercise today. What I want to talk to you about is Bank Resale Restrictions. There’s no doubt that there are a lot of bank foreclosures out there now, and some lenders have been for a long time, and others are just experimenting, and some are moving away