PRE FORECLOSED HOUSES FOR SALE

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SAMPLE PRE-FORECLOSED HOMES

$117,650
Buckingham Dr
3BD, 2BA, 1900 SF

$129,485
Nouvello Ln
4BD ,2BA, 2330 SF

$126,300
Yellowtail Dr
3BD, 2BA, 1890 SF

$131,745
Oak Dr
4BD, 3BA, 2258 SF

Facts about Pre-Foreclosed Houses

Why do properties go into pre-foreclosure?

Rising unemployment causes mounting debt and an increasing number of homeowners are subsequently unable to make their mortgage payments. Refinancing may be unfeasible when owners can’t show the bank how they can make future payments. When this happens, the property in question goes into pre-foreclosure.

What happens during the pre-foreclosure process?

During the pre-foreclosure process, the lending institution notifies the owners that the foreclosure process will start unless payment is made. Pre-foreclosure buyers can help these down-on-their-luck owners and save money simultaneously. Once you understand the owner's circumstances and built a trusting bond, you’ll be better able to negotiate a deal that is beneficial to both parties.

What are the advantages of buying during the pre-foreclosure process?

One of the biggest advantages in buying a pre-foreclosure is the price. Home owners in pre-foreclosure are usually very motivated to look for home buyers to buy their house. Concerned about dire long-term financial consequences, pre-foreclosure home owners are willing to sell their properties for under market value, as long as they can sell it for more than their mortgage balance.

What do I need to do before I bid on a pre-foreclosed house?

Before you buy a pre-foreclosure, you’ll need to qualify for a mortgage. Mortgage companies use ratios to analyze your mortgage payment. Mortgage companies will calculate your ratio of monthly income to your proposed monthly payment. Lenders will typically deem you a foreclosed house worth about three times your total gross annual income.

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