Pre Forclosure

[David White]

Is it too late to wholesale a property once its in pre foreclosure? I looked up the address on Zillow and it said the the property was in pre foreclosure. What are the next steps if its not too late? 

[Cherilyn Morgan]

I am not sure what the laws are in your state regarding the foreclosure process or how long the process averages. The entire process from start to finish can be as short as 6 months or last for years, depending on each state and each property owners' situation. However, if the property is in pre-foreclosure you definitely want to act quickly. You want to find out as much information about it as possible. The lenders' primary focus is to recoup their money. If they know that there is a possible sale for the property they may be willing to work with you. However, do your due diligence before you become committed to this. Find out the payoff amount, including all attorney's fees. Be aware that payoff amounts may increase depending on where the foreclosure process is at that particular point. You can also contact the Sheriff's office to find out if there is a Sheriff's Sale scheduled for the property. Again, I am not sure about the laws in Maryland, but they usually have to notify the public 30 days in advance of a sale, so that should give you some sort of a timeline. Don't forget to do your due diligence and good luck.