I am thinking about going "door knocking" to a pre-foreclosure

[Joe Ellis]

I'm looking to move further west (I live in North Las Vegas currently) and I was doing some digging and found myself in the "pre-foreclosure" area of one of the websites. I found a house that looks nice from the outside (Google Mapped it and the neighborhood, yes I know those are outdated) and I was thinking about driving over to the house right now and knocking on the guy's door and just asking him if I could help him prevent foreclosure by essentially buying his house from him. I don't have access to financing so I would have to have him owner finance, but instead of just giving my money to this guy and trusting that he'll pay the bank I will just get in contact with the bank and pay them myself. Does anyone know if this will work? Thank you all for your advice! 

[Daniel Watrous]

It all depends on how much he owes and how much cash you have and where they are in the process of foreclosure. Owner financing isn't really an option with a pre-foreclosure unless you can bring enough money to catch up the payments or pay off the mortgage. There may be more than one lender and even the 2nd mortgage can foreclose. Also because they've stopped paying their mortgage they probably have back taxes and other liens as well. Maybe save your capital and look up an auction instead.