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Pre-foreclosures are homes in the process of being foreclosed on by the lender. If you’re looking for a deal on a home, you may want to look into pre-foreclosures. This can be an excellent opportunity to get a home at a discount, but how to find pre foreclosures homes to start? Hanfincal (hanfincal.com) will help you know the steps in this article.

1. The Pros & Cons Of Buying Pre-Foreclosure Homes

A pre-foreclosure home may be a good way to help you own your dream home. However, there are also some advantages & drawbacks to buying a pre-foreclosure home. 

The Pros & Cons Of Buying Pre-Foreclosure Homes

The Pros & Cons Of Buying Pre-Foreclosure Homes

1.1. The Pros

One of the biggest advantages is that you can usually get a great deal on the purchase price. This is because banks are typically motivated to sell these properties quickly and are often willing to negotiate the price.

Another advantage of buying a pre-foreclosure home is that you may be able to work with the owner to try and avoid foreclosure.

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1.2. The Cons

When you are looking for a home, you may come across properties that are in pre-foreclosure. These homes have not yet been foreclosed on, but the owners are behind on their mortgage payments and risk losing their homes. While there may be some benefits to buying a pre-foreclosure home, there are also some risks that you should be aware of before making an offer.

One of the biggest risks of buying a pre-foreclosure home is that the owner may be able to keep the home. If the owner can catch up on their payments or sell the home before the foreclosure process is complete, you could lose your investment.

Another risk is that you may not be able to get a clear title to the property. This can happen if the owner still owes money to other creditors, such as a second mortgage holder or the IRS. This means you could take on these debts yourself if you buy the property.

You may also have to deal with damage to the property. The owners of pre-foreclosure homes may not have kept up with repairs and maintenance, so you could end up inheriting any problems with the property.

2. How To Find Pre-Foreclosures Homes?

There are many reasons why someone would want to find a pre-foreclosure home. Maybe you’re looking for a bargain on a property, or maybe you’re hoping to help a family in need by buying their home before foreclosure.

Whatever your reasons, you should know a few things about finding pre-foreclosure homes. So, how to find pre foreclosures homes? There are 6 ways you could do.

2.1. Online directories

How to get a pre-foreclosure list? Online directories are one of the best places to look if you’re looking for pre-foreclosure homes. These listings can be found on websites like View Foreclosure Homes and View HUD Foreclosures.

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2.2. Local Newspapers

If you’re interested in finding pre-foreclosure properties, there are a few ways to go about it. One option is to look for your local newspaper.

Local newspapers publicize the addresses of properties in various stages of foreclosure. When the preforeclosure process begins, the homeowner will get foreclosure notifications, such as “Lis Pendens,” which are also published in the newspaper’s legal section.

You’ll have to pay for access to your county’s newspaper, but you may look through the legal section and build a list of addresses that are involved in litigation. The publication, like the public records, will not feature images or descriptions of the preforeclosure postings, so you will have to conduct your own research to learn more.

2.3. Public Records

How to find pre foreclosures homes? Another way to look for pre-foreclosure homes is in public records. You can find these records at your local courthouse or online through your county’s website.

When looking through public records, you’ll want to look for documents filed with the court. These documents usually have a case number and the homeowner’s name. Once you’ve found these documents, you can contact the homeowner and ask if they’re interested in selling their home.

Keep in mind that not all homeowners will be interested in selling their homes. However, if you find a motivated seller, you may be able to get a great deal on a pre-foreclosure home.

2.4. Real Estate Referrals

If you’re having trouble finding pre-foreclosures in your area, you can always contact a real estate referrals. They may be your friends, family members, and acquaintances who can put you in touch with possible preforeclosure properties. They may be able to help you find the properties you’re looking for.

Preforeclosure owners are just members of your community who have gone through an unforeseen difficult period. You may be more connected to these potential leads than you realize, so don’t pass up an opportunity to invite referrals.

Real Estate Referrals

Real Estate Referrals

2.5. The Local MLS

How to find pre foreclosures homes? You can find pre-foreclosure homes by searching the local MLS. The MLS is a database of all the homes that are currently for sale in your area.

To find pre-foreclosure homes, you will need to set up a search on the MLS. You can search for homes that are in pre-foreclosure by using the following criteria:

  • The home must be listed as “active” on the MLS.
  • The home must have a “list price” lower than the “market value”.
  • The home must have a “foreclosure” status.

If you find a home that meets all of these criteria, it is likely in pre-foreclosure. You can then contact the homeowner and see if they are interested in selling the property.

2.6. Real Estate Wholesalers & Attorneys

Real Estate Wholesalers are always looking for new inventory. One way for Real estate wholesalers is business owners that advertise to troubled homeowners that they can buy their home and sell it to a buyer or investment. Real estate attorneys, on the other hand, are qualified experts who may assist homeowners in various legal concerns.

Even though these two professions are totally different, both sorts of relationships may put you in direct contact with troubled owners and lucrative investment prospects. Because the referrals you receive are currently active homeowners searching for your assistance, they can be among of the most useful sources of foreclosure listings. However, before making a deal, you must conduct your own research on each property.

3. How to find pre foreclosures homes?

Hanfincal (hanfincal.com) aldready shown you in this article. When you find a home you’re interested in, contact the homeowner and see if they’re willing to sell. Oftentimes, they’ll be more than happy to sell the property before it goes into foreclosure.

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