You can find great deals on homes at any stage in the
foreclosure process – pre-foreclosure, the foreclosure auction, or
post-auction (from banks and investors) – but by purchasing the property
directly from the homeowner in pre-foreclosure, you reap several benefits,
including the following:
- A lower price, because you’re not competing against
other investors in open bidding.
- An opportunity to inspect the home, because you can make
your offer conditional upon the home passing an inspection.
- Buying directly from the homeowner assures you that you
are buying the home.
- You won’t lose the home in redemption. In Wisconsin
homeowners have the right to redeem their home (buy it back) after the
- You can find homes in pre-foreclosure by reading the
foreclosure notices every week they are published. By law, foreclosure
notices must be published for a number of consecutive weeks prior to the
sale in a local newspaper or county legal news publication.
- To reduce the competition even more, you may want to
consider learning about pre-foreclosures even earlier in the process –
before the foreclosure notice or notice of default is published and
becomes public knowledge. To obtain early notice, try the following
- Network with attorneys who work with distressed
homeowners in bankruptcy, foreclosure, divorce, and probate.
- Network with real estate and mortgage professionals.
- Make sure you have the financing and resources in place.
Remember to choose your investments wisely. You won’t get
every house you see, nor should you want every house you see. You can afford
to be picky and patient – wait for the right opportunity to come your way.
And do your homework to make sure it is the right opportunity for you.
Many homeowners contact me for advice
when they reach the early stages of foreclosure. My goal is to help people
faced with foreclosure by strategizing how to get their home sold with as
little damage to their finances as possible. This usually requires a short
sale or some other avenue that involves bank refinance or settlement. We
maintain a database of these houses and with seller permission we have sold
several homes before they even reached the market. If you are interested in
obtaining a list of these homes just give me a call at 715 498-1248 or email
me at firstname.lastname@example.org.
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Mike Burns, CRS,
The Real Estate Group, Inc
5725 Windy Dr Suite E
Stevens Point, WI 54482
Direct: 715 295-5008
Cell: 715 498-1248
Fax: 715 295-5006