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Foreclosures

Foreclosures

Buying pre-foreclosures involves working directly with the homeowner and sometimes the lender. The goal is to create a Win-Win scenario. One win is for the homeowners (allowing then to sell the property) and one win is for yourself by buying the property at a substantial discount.


Foreclosures at The Auction

Buying on the court house steps at the auction can be the most rewarding way to buy properties and the most dangerous at the same time. The property is publicly auctioned off to the highest bidder, and the process moves very quickly. When bidding at the auction, you compete against the lender and other investors.

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REOs Foreclosures

Perhaps the easiest way to buy foreclosed property is buying REOs ("real estate owned"). An REO occurs when the lender takes back the property to gain possession and cut its losses. The lender, however, does not want the property because it is not in the real estate business and is therefore usually motivated to move the property quickly.

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