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.
HOMES FOR 1/2 PRICE
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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.