How can I find pre-foreclosure homes?
Question:
Answer:
Legal ads in the newspaper list notices of default in MD. Also look for listings that are subject to 3rd party approval, usually means they are trying to do a short sale.
More info:
Short sale is when the homeowner is in financial trouble and cannot pay their mortgage anymore. So they have negotiated with the bank to sell the house for less than is owed on it (shorting the bank). 3rd party approval, in the case of a short sale, means the bank has to approve the contract since they will lose money on it. The legal ads will say notice of default as the case type.
We have 2 properties in distress listed right now if you are interested in buying in MD. both are high dollar (one appraised for 1.2 mil, the other for 975K), 1 is incomplete new construction, the owner accepted offers on them agaist our better advice and judgement and I am pretty sure they will be fully available in the next few weeks as the "buyer's" current home is in foreclosure right now. kind of makes me think he cannot buy :-)
http://www.foreclosurefreesearch.com/...
Also local tv channels offer some info
Once approved you can on my website
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