Making an Offer on Pre-foreclosure

[Alejandro Tirso]

Hello all,

I’ve found a property that’s in pre-foreclosure in NJ. I’m wondering how financing on these works.

Could I get a conventional mortgage if the house is in livable condition? What do I need to get from the current owner who is to-be kicked out? Just an agreement of sale at a certain price point?

It’s a pre-foreclosure @ $170k, but after reading Long Distance Real Estate Investing by D. Greene, he speaks of offering the owner a little extra above the outstanding loan amount.

Any and all insight is very helpful.