Newbie Requires Clarification!!
I'm interested in purchasing pre-foreclosure properties here in NY. I need come clarification on my understanding of how this works. My plan is to contact property owners who are in default to purchase the property. Could someone explain how I go about buying the property by paying for the equity in the property. Do I then assume the mortgage and pay off hte arrears? Any advice would br greatly appreciated.
Read the short sale section of the website for more information. This is just too broad a question to answer in a post.
[addsig]
I would recommend spending some time here and reading ht earchives and atricles perteaining to what you want to do and then research the local statutes for NY and the county you plan to target to gain more knowledge in the area you are plnniing to work. After you gain some knowledge, then beging to ask questions and get yourself lined up to buy your first pre-foreclosure. The key to this is knowledge and you will gain experience as you go along.
Good luck