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Buy Before the Pre Foreclosure Auction

The best thing that you can do when you want to buy a home is purchase it before it goes to the pre foreclosure auction. This is because you may get a better deal and beat other investors that have their eye on the property to the punch. If it is a great house then you don't want to take the chance of other investors spiking the price up so high on the house that you can no longer afford it and you don't want to get beat out of a great property. You can always contact the borrower that is in default and talk to them about buying the home directly from them before it goes to the pre foreclosure auction. Most people are very happy and relieved when an investor contacts them like this because you are saving their credit. Some investors think it is bad practice but you will never know unless you ask the borrower. You can contact them by knocking on the door and talking to them in person or call them on the phone.

It is also common for investors to talk to the lending institution about purchasing the homes before they make it to the pre foreclosure auction. The lender will then get in touch with the borrower and find out if they are going to find a way to come up with the money or if they are interested in selling the property. It can be up to the borrower. However, if a bank wants the money they very well can eliminate the auctions and sell the property to you. Remember that if there are people living inside of the property when you purchase it you will have to talk to the county sheriff's office and have them removed. This can take up to 10 days.

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