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Updated about 18 years ago, 11/12/2006

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Foreclosures

Found a pre-foreclosure....what next?

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Hi,
I'm new to real estate investing. My husband is a general contractor, and I just began real estate sales courses. We've recently found someone interested in selling us their house (it's in pre-foreclosure) at 60% below market value in exchange for some of their equity in cash. What next? Do we need to consult a realtor? If not, how do we go about purchasing this house? Is a simple real estate contract sufficient?

Thanks in advance!
Angela

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