Financing a property in pre-foreclosure

[Jared Fisher]

How do you finance pre-foreclosure lead? I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date? Thanks in advanced!

[Kerry Noble Jr]

Use Private money to acquire and then refi into long term debt

[Ron S.]

Depends on where in preforeclosure it is and what state you are in. If you have 30 days or more, it's like any other sale. Get a lender, enter into contract, close escrow, enjoy your new home. if you have less than 30 days, you would need the seller's cooperation to contact the foreclosing entity to see if they will postpone to give you time to close the deal. it's not guaranteed and the lender is under no obligation to do so but if everyone wins (seller sells, lender gets paid off in full, you get a home), most lenders will provide a small window of time to get it done. I wouldn't unless i could see a fully executed purchase and sale agreement, proof of funds, and an underwriting approval. If i did have all of that, i'd postpone.