Preforeclosure Walk Thru
I'm a newbie in REI but see the potential in pre-foreclosures to help with cash flow. I've read many posts pertaining to contacting owners but not many on what happens when you actually get one that wants to deal.
Can someone please enlighten me on this subject? Maybe a generic step by step scenario on what usually transpires.
My biggest question is how do you get the owner to deed the property to you? Do you buy out the mortgage from the owner? Or do you pay off their debt in exchange for the deed. I have so many questions. Any help would be greatly appreciated.
spend a little time on the board and you will be able to answer your own question (while you learn).