what is so great about pre-forclosure?

Foreclosures, Short Sales, Tax Foreclosures
1

What is so great about pre-forclosure?
There are tons of REO’s in my area, all I have to do is find them on MLS or drive and find them, call the listing agent, and if it’s been on the market a while and it’s reasonably priced, just make a reasonable bid, instead of trying to buy pre-forclosed.

Maybe in the areas that do not have alot of REO’s, the pre-forclosure is a nice deal. I’m just wondering why all the hype about it?

Maybe I’m missing something?

thanks

2

When I buy preforeclosure I am buying… ideally… 70% below market. When I buy REO I buy closer to, if not at, market.

3

if it’s been on the market a while and it’s reasonably priced, just make a reasonable bid, instead of trying to buy pre-forclosed.

Lot of if’s there. :wink:

4

I see what the original poster is saying but the best part of preforeclosures is that if you find them you get first shot at a potentially good deal. You can try to short sale it with the lender for a discount or if there’s enough equity buy it outright for a discount.