5 Hot Tips in Buying Pre-foreclosures
Thursday, February 15th, 2007Homeowners in pre-foreclosure stage need to cure mortgage default by either selling the property or taking out a second loan to finance the existing loan. In cases where homeowner has equity on the property, the option to sell is preferred. Real estate investors are always on the lookout for these pre-foreclosures. Because of the time element involved, home owners sell their property at an amount that is equal or slightly higher than the mortgage debt they owe. Naturally, these prices are below the property’s average market value.
