Pre-Forclosures for beginners

[Jason Baehr]

Hi all,

I'm pretty new to REI and have been reading quite a bit about contacting home owners who have been issued a notice of default. I'm curious how the sale would be made? I am not a real estate agent, would I need to get one involved, or is it just a matter coming to agreeable terms, scheduling a closing with a title company, and signing a contract?

Also, to understand the situation in full, is it common to have the seller show proof of taxes which have/have not been paid, back payments to the lender, etc? I assume as the buyer I would take on these delinquent payments so should factor that into the deal.

Thanks!