Pre-foreclosure Advice

[Ryan O.]

Hey everybody so I recently heard my neighbor is going to be foreclosed on in the next couple of months. His property is listed on Zillow as a pre foreclosure right now. Houses in my neighborhood are selling like hot cakes, hit the market and sell the same day. The house has a zestimate auction value of 230,000 but the condition it's in (outside is all I know, plan on checking out inside next week) I doubt it will fetch that. I know the houses pretty well in my neighborhood, I'd assume with some rehab it could fetch $250,000. As this may be my first deal I'm looking for advice on how to get this house before anyone else and for a good price. I'll have to use private lending to finance the deal and maybe use some college loan money for the repairs if necessary. I don't know anything about approaching a homeowner in pre foreclosure or how to handle this deal so any advice or direction would be greatly appreciated. Thank you!!