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Updated over 7 years ago,
how to structure a pre-foreclosure deal?
I am interested in information on how to close/structure a deal with a pre-foreclosure house. I have assess to the county website and know what houses are scheduled for foreclosure/sheriff sale in the coming months. I have researched which houses would work well for me, from a numbers standpoint. I have the owners info from the county website.
How do i approach the owners with my interest in buying their property? Would this end up being a short sale, if my offer is lower than their current mortgage balance? How long would the process take, could it be done if they only have 1 month until the scheduled foreclosure - if its structured as a short sale would that cause the foreclosure process to be put on hold?
Thanks for any help on this. I may develop follow up questions once I get more info on these.