Rick Sarouk is a Licensed Broker and State Certified Appraiser.
Preforeclosure real estate purchase has two main advantages over buying at a typical foreclosure auction. The homeowner may be desperate and may be willing to do almost anything to avoid actual foreclosure. In addition, you can enter the property to inspect it before purchasing, so you’ll know exactly what you’re purchasing. For those reasons, pre-foreclosure investing is a wave many real estate investors are now riding.
PreForeclosure investing can be very lucrative if you seriously dedicate your self in locating people right before or after their notice of defaults have been filed. Pre-Foreclosure investing is also referred to as a short sale, where the bank accepts a purchase price less than what is owned on the property. Banks don’t want to have foreclosure property on their hands. What this can mean for you is a huge real estate investing opportunity by creating instant equity where there was none before.
Why is preforeclosure investing so lucrative? Well, With the mortgage crisis in full swing, homes are going into foreclosure left and right all across the country. The prediction of pre-foreclosures and foreclosed upon homes in 2008 is 5 million. 5 million people will either lose their homes or come close to losing their homes in 2008 and the numbers will increase throughout 2009. It will get much worse before it gets better.
All these pre-foreclosure or short sale properties offer you a great investment opportunity. You can scout and buy homes in pre-foreclosure, buy them at deep discounts and then keep them as income producing rental investments, or you can purchase pre-foreclosed properties and flip them, renovating and selling for a profit. The time has never been better to use the real estate market to your advantage.
To learn step by step techniques in how to start pre-foreclosure investing and how to locate and purchase pre-foreclosure property go to Real Estate Investors Life website
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