In investment circles today, stocks have been replaced by pre-foreclosure properties. These pre-foreclosures can provide investors with much return potential at very little capital.
Pre-foreclosure is actually the time given to homeowners facing foreclosure to cure their mortgage default. Depending on the state, this could be from 3 to 10 months. During this re-instatement period, homeowners could choose to sell their home to regain some equity they might have. This is also the period when the smartest real estate investor swoops in.
Buying pre-foreclosures are the best way to invest in real estate. Compared to a foreclosure sale or auction, you do not need to have a substantial amount in cash to own foreclosed properties. On the other hand, real estate owned properties or REOs are often sold at an amount that includes the mortgage debt, foreclosure costs, holding costs, legal fees, etc. Lenders would rather have the property be sold during pre-foreclosure and regain their money than selling the property at an auction and risk not having a buyer.
In pre-foreclosures sale, you get to close the deal quickly. Homeowners are under a lot of time pressure and would accept your offer as long as it meets the amount they need to settle the mortgage debt. This means you can buy the property at a very, very low price. In some instances, you can enter into a lease back or buy back option with the homeowner. This is another reason why pre-foreclosures are great investments. You can explore many potentials and possibilities at less cost.
Admittedly, it is difficult to find pre-foreclosure properties. Having fresh pre-foreclosure leads is easier with a professional real estate broker like ForeclosureConnections. Collecting information from a number of reliable sources, real estate brokers can provide their clients with updated and complete listings of all pre-foreclosures. You can easily subscribe to these listings just by paying a membership fee.
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