I wouldn't be wasting other investors time until you have approval from all lienholders on the property.This is includes bank 1st, bank 2nd (if any), bank 3rd ( rare but happens ), secondary liens of judgments, mechanics liens, back taxes, etc.Once you get everyone to agree you will get the approval letters and a timeline to close in.Sometimes the listing agent has a pre-approved offer from the bank on what they will take based on going through the process before and a buyer didn't stick around for the answer.

Slip up at all, anywhere at any time in the transaction and you get run over.You are dealing with two entities in a pre foreclosure, with only one entity that you can talk with (Seller) and that entity really has no say so in the transaction.

After building 2 years of work history, I went to get a pre-approval for a mortgage and began searching for my first property.

I already have a VA approval, not a pre approval but a approval on the purchase on the new home pending the sale of my home and re issuance of my VA certificate.

And i got to thinking, can i put a contract down on a pre foreclosure for the amount they owe to the banks and such, then wholesale it?

Our response was that if we told them we'd have to kill them - later on we hired a PR firm and business improved!!

do you have a pre-established price with your client?

I would suggest you need a pre-approval letter NOT pre qualified because you wouldn't know how much you would qualify for until you get your pre-approval letter.

Trying to understand all the percentages terms, when come to borrowing and pay backs.I understand there is an APR that you pay banks to loan money.

A friend of mine  spoke to these owners personally  i know for sure that every one on  this list want to get rid of there property yesterday i have every detail from appraisal avr and comps . most on the the list are inherits  although i have this information im having trouble trying to find a way to profit from this information i told an investor in my area that i had a pre forclousre that met alllllll of his criteria i let him no the appraisal  avr and comps but i did not tell him the area i told him for a name address and phone number it would cost him 5000$ up front because i would not want him to go around me and make a deal with the seller  i know for sure he can make 50 to 65k easily on this  flip of course he turned the deal down because he could not take my word that is very understandable  my question is how  should i structure this deal how can i profit on this info without buyer going to the seller with out after i show him the deal????