Due to the recent real estate collapse, many people across the United States are losing their homes to foreclosure. The period of time before the official foreclosure is called pre-foreclosure. Depending on the state the pre-foreclosure period lasts from seven days to a 60 days. Real estate experts know that the pre-foreclosure period is a great time to purchase a home.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are some of the reasons many real estate professionals prefer purchasing a pre-foreclosed properties rather then waiting until they reach foreclosure:

– Pre-foreclosed homes are often sold for less than foreclosed homes. To avoid credit problems a homeowner is motivated to sell their home before the bank takes possession.

– You will have the opportunity to ask the home owner questions concerning the home.

– There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

– More time to evaluate financial scenario then at an auctioned property.

– Auctions can be either overwhelming or lead to egotistical or emotional decisions.

– You have time to have a pre-foreclosed home inspected resulting is less risk.

– All you’ll need to buy a pre-foreclosed home is a down payment for as low as a few hundred dollars. At a government auction you would need more cash up front.

Always check to make sure that the pre-foreclosed home you’re interested in has no liens or judgments against it. You should also bring along someone to inspect the home for you so you’ll know of any problems. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive.

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It’s unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are some of the reasons many real estate professionals prefer purchasing a pre-foreclosed properties rather then waiting until they reach foreclosure:

– A pre-foreclosed home could actually be cheaper because you are dealing one-on-one with an owner who desperately wants to avoid foreclosure.

– You will have the opportunity to ask the home owner questions concerning the home.

– There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

– The situation allows for more time to evaluate your finances.

– Auctions can be a skill in itself and many people are not comfortable in that environment.

– You have time to have a pre-foreclosed home inspected resulting is less risk.

– You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

As with any house purchase make sure you check for any judgments, or liens against the estate. Bring along someone how is familiar with buying real estate and if possible have the house professional inspected. The risks are comparable to a traditional type of home purchase but with the advantages of foreclosure discounted pricing.

Getting ready to buy or sell a home in Utah? Make sure you visit Homes for Sale in Salt Lake City and get find out about all Homes for in SLC!

Most people in the US are aware of the current real estate crisis and the unsettling fact that many people are losing their homes to foreclosure. Before a home is in the process of becoming foreclosed, it is in the pre-foreclosure stage. The pre-foreclosure period can last anywhere from a few weeks to a few months, and is considered by many real estate investors as the absolute best time in which to negotiate the purchase of a home.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

– Pre-foreclosed houses are often cheaper considering as it’s being sold by a home owner that is in a hurry to sell to avoid facing foreclosure and the bad credit that goes along with it.

– Because you are working with the owner you’ll be able to ask questions about the property you wouldn’t be able to otherwise.

– There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

– More time to consider your finances before making the decision to purchase a home.

– Auctions can be a skill in itself and many people are not comfortable in that environment.

– You can bring an inspector along with you to inspect a pre-foreclosed home.

– You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

As with any house purchase make sure you check for any judgments, or liens against the estate. Bring along someone how is familiar with buying real estate and if possible have the house professional inspected. The risks are comparable to a traditional type of home purchase but with the advantages of foreclosure discounted pricing.

Getting ready to buy or sell a home in Utah? Make sure you visit Homes for Sale in Salt Lake City and get find out about all Homes for Sale Salt Lake City!