What is pre foreclosures and why they can be profitable for the property investor?
Have you ever heard of the term pre foreclosure?
Do you think that this means the same thing as a foreclosed property? If you answered yes to this question you are misinformed. .a pre-foreclosure is not the same as a foreclosure.
Pre foreclosures are properties that are in the final stage before they are taken back by the bank or lender. This means that the homeowner is still in charge of the property. . .a short sale is a good example.
There are many benefits in buying pre foreclosures. .one of the most obvious one is the competition. I've seen many times where a foreclosure is coveted by buyers over-bidding with other investors to get it at a perceived good price.
When in turn, a short sale will probably be a better buyer because you are not in competition with other and you can also protect yourself in the purchase by having the time to inspect it and make careful considerations in the price you offer for the property.
Finding pre foreclosures or short sales can be assisted by a good buyer agent that knows about short sales. .in some cases, short sales could be a trap for investors to wait and wait . . finding later on that the short sale never had a chance to get approved.
If you are looking for a new home, investment or not, it pays to work with the right individual to protect your best interest and not get the (pardon the pun) "short" end of the stick in a real estate transaction.
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Fernando Herboso| Carlos Herboso
(Short Sales ) (Foreclosures)
"Your Montgomery County Foreclosure Connection"
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Office 240.898.1848
Fernando's Cell 240.426.5754
Carlos's Cell 240.671.5542
Fax 888.913.3535
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