Pre-forclosed Homes

[gvegas07]

Does anybody know about pre-forclose homes or Lis Pendens.
For Ex...... Found preforclosed home on web listed at $70,000. Does this mean that seller will sell to me at $70,000 or whatever he or she pleases to sell so that way there home wont be forclosed for auction, helping his or her credit. Take in fact that this house seems to be well over worth $250,000.

Guess my question is what does the $70,000 listing mean?

got listing on realtytrac.com

[usc90grad]

If you've got the money, now's the time to buy foreclosed property. You're going to have to sit on it for 2-3 years until the real estate market turns around, but you can make some serious cash.

As for your example, I have no clue what they are saying. Obviously the house is getting ready to go into foreclosure. When that happens, homeowners will usually sell for what they owe just to avoid a foreclosure from being on their credit history. However a $250,000 for $70,000 seems unlikely. Unless the house is terribly overvalued, the owner could easily sell it for more on the open market. Having said that, they may have waited too long and the propertly is going to be sold on the courtroom steps tommorrow and are just trying to get something. Keep in mind even if you paid them $70,000, there might be other liens on the property. That's why it's critical to check the property records at the tax office PRIOR to buying foreclosed property.

Good luck!

[gvegas07]

thanks.. just got word that this house has been in the preforclose process for over 30 days and i believe that the 70000 listing is what the owner owes the lender. Im sure a couple of deep pocket investors have checked this out since then. Price is probably something i cant afford.

[usc90grad]

thanks.. just got word that this house has been in the preforclose process for over 30 days and i believe that the 70000 listing is what the owner owes the lender. Im sure a couple of deep pocket investors have checked this out since then. Price is probably something i cant afford.

I wouldn't say that. Investors usually won't buy the house from the owner. They wait until the house is sold literally on the court house steps. My wife is in real estate and we are always looking at what's going into foreclosure. Sometimes a lot of people show up to bid on the houses, sometimes only a handful. You won't get a $250K house for $70K, but the mid $150's might be possible in this market. Banks DO NOT want to own property and would rather sell it.

If you find a house you really like that's in foreclosure, but all means ask the owner what they want for it. Usually when it's getting ready to go into foreclosure it's no longer listed with a real estate agent anyway.

[Ga_Gamecock]

one of my buddies house flips for a living here in atl and he targets forclosures ... i have been house hunting and he has given me tips ... from what i have gathered if the bank own the property then you have a good shotat stealing it since the bank hates to keep property on the books. they are in the biz of loaning money, not selling RE

so low ball the sht out of them ... if its truly a 250K home, then 70K is a steal, no doubt, but you can make more $ on the buying end of a home than on the selling end ...

[Ga_Gamecock]

Price is probably something i cant afford.

how much are you paying in rent?

[gvegas07]

how much are you paying in rent?
i own a house right now. looking to get out of it. its a flipper, want bigger home. doesnt look like i will be getting this forclosed home. something isnt right. believe listing was wrong or is old

[usc90grad]

i own a house right now. looking to get out of it. its a flipper, want bigger home. doesnt look like i will be getting this forclosed home. something isnt right. believe listing was wrong or is old

Unfortunately unless you're in a hot community, now isn't the time to be selling a house.