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Updated about 5 years ago on . Most recent reply

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Gabriel Wheeler
  • New to Real Estate
  • Grand Rapids, MI (Grand Rapids)
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How to Finance a Pre Forclosure Deal

Gabriel Wheeler
  • New to Real Estate
  • Grand Rapids, MI (Grand Rapids)
Posted

If I'm looking at Pre foreclosure on zillow and there is a foreclosure agent listed, do I have to call them or can I speak directly with the seller? After finding that out, how can I finance this deal without cash in hand? Should I use hard money for the purchase and just refinance? What would you do?

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

Listed preforeclosure agents on Zillow are not real and they do not represent the properties or sellers. Agents used to be able to buy ad space as foreclosure specialists and Zillow would list them as the contact on all preforeclosures in the market area. Preforeclosure properties on Zillow are also not real. They are marked that way when one lis pendens has been filed. Most of them get cleaned up and then Zillow does not track them and remove them once a homeowner clears the back debt. Don't even think anything on Zillow that isn't a direct listing with a listing agent is real. And even those, Zillow does not send the leads to the listing agent if they are not buying ads, they go to three agents who buy ad space in the area. (I know this because I used to buy the foreclosure ads and mine are still running even though I do not pay and I get calls every day about properties that are not in foreclosure, not listed on sheriff's sale, and not on the market, but appear for sale in some way on Zillow)

Financing a foreclosure property is very rare and impossible for a first-time buyer to navigate. If you have not closed a deal, do not try to play with foreclosures. The REO agents represent the banks and will disclose obvious maladies, but if a bank requests the agent to selectively forget something, it happens. Zillow is not an investor's friend, it's a garbage dump of misinformation. Make friends with an agent and have them set you up on an MLS drip for investment properties that suit what you are looking for.

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