Pre-Foreclosure

[Joel Nickerson]

Curious:

Is it possible/legal to buy a pre-foreclosure with a conventional mortgage to save the owner from going into foreclosure? I would not be able to pay cash and would need to take out my own mortgage.

Thanks!

Joel

[Roy Schauer]

Correct. It's called a NOD (Notice of Default) in our neck of the woods. If your interested in the property, especially to live in personally, make contact. Don't try to come across as an investor. Just as a person looking to get the most house for your money. Do you know when the auction date is scheduled for?

Also do you have your bank preapproval in place? This helps show your seriousness. Just remember, they may be highly sensitive and possible angry. It's not personal, so don't make it personal. The goal for you is to build the contact. Also wouldn't hurt to drive the neighborhood. See if any other houses are for sale, look at their price, etc. get a feel for the neighborhood before you get locked into the house and find something out later that you wish you had just slowed down and looked at before hand. Hope this helps!