how do i find and buy pre-forclosures?
Hey everyone. I am really interested in forclosed properties, because I always hear most of the times they are good for fixing up and selling them. I don't know if I have to have cash to buy a forclosed property or I can get mortgage from a bank. I'm in So. Florida so if someone is from down here and has an advice I will really appreciate it. Thank you in advance for the replies. 
You can do it either way, but in pre-foreclosures you usually want to close quickly. If you have the bank already pre-approved you, then you can use the bank. If not, then find an investor willing to pay the money and split the profits. You will get less out of the deal with a partner, but if you are getting started and can't get a loan...some money is better than no money![ Edited by tanya1215 on Date 03/02/2003 ]
Tanya how do you find the properties?
You can find the properties in pre-foreclosure by going down to the county courthouse and ask where you can find the NOD's (Notice of Defaults) or Lis Pendens. The county courthouse records when a lender files a NOD. So they have files upon files of these. You can also find out where they post the foreclosure auction dates. Usually in a legal newspaper.
Some people use the internet to locate them. There are sites that charge a fee to view these NOD or Lis Pendens, but you never know how old they are and how many people access them.
Other ways are through marketing using bandit signs with "WE BUY HOUSES!" or "STOP FORECLOSURE", networking with realtors that may know of any (business cards are a neccessity), newspaper ads, etc.
Tanya
Hi, i am new to the web site and reading everything. I too am interested in buying foreclosures through the court house. I was thinking of using the equity in my house like a credit line. Or should I find a bank that would like to finance me? I already have 3 properties, do they dare give me another?
Pinellas County, florida