My first pre foreclosure deal

[Nate Ollie]

Hey guys, Was hoping I could get some help on my first pre foreclosure deal. I went to view the home today and I think its got good potential to be a sweet deal. Since this is my first go round with pre foreclosures, I want to make sure I cross my T's and dot my I's. I met with the owner today and got the reason she's looking to sell. However, in the midst of talking and viewing the property I forgot to ask how much she was in default for. I presume that's vital information to know, right? What other information should I gather in order to make an offer that's both fair to her and to myself? Thanks in advice for any guidance on this guys!

[Jay Hinrichs]

@Nate Ollie  having bought my fair share of preforeclosures..

your first rule of thumb is to basically disregard what the seller tells you because half the time they don't know.

your job if you want to buy this is to get them to tell you who their lender is and get written permission to talk to the lender or the trustee handling the sale.. then contact said lender or Trustee and get a payoff quote in writing once you have that then you know if the deal works on the money side.. without it your wasting your time.