Pre Foreclosure Leads Helps Speed Buying Process
One of tools available to many first time homebuyers as well as real estate investors is pre foreclosure leads, enabling them to contact homeowners on the verge of losing their homes. By being to contact the homeowner before too much time passes between the filing of a foreclosure notice and action being taken, buyers are able to negotiate better prices on properties before they hit the foreclosure auction. With many companies providing pre foreclosure leads it is important to understand the difference in the offerings.
When a lender begins the foreclosure process, they have to file with the local court that a borrower is in default on their mortgage payments. It is through these filings that many companies obtain their pre foreclosure leads, however not all leads are created in the same fashion. Some wait until the foreclosure requests is authorized by the court and others wait until a deadline is announced by which the owner has to either pay off the balance of the mortgage or face eviction.
Having the information through pre foreclosure leads before the action gets to the court, can allow a potential buyer to contact the homeowner before foreclosure action takes place, enabling them to help bail the homeowner out of a tough situation as well as buy properties at less than market value without going through the court channels.
Consider Information Available With The Leads
When a family is struggling to make their mortgage payments, many utilities are also shut off due to lack of payments. Typically, the telephone is the first to go and many companies offering to sell pre foreclosure leads do so without a valid phone number with which to make initial contact with the homeowner. Companies that can provide pre foreclosure leads that include a home or work phone number are offering a higher valued service to potential buyers.
Additionally, the time it takes after the initial filing for the pre foreclosure leads to be available can mean the difference between finding a good buy on a house and losing out to someone more aggressive. On average, the time between the initial filing and the leads are published is about two weeks. However, some companies provide the pre foreclosure leads within three or four days, giving their users a head start in buying soon-to-be foreclosed properties.
In real estate the common belief that location is everything, but when a person is hoping for a bargain on a house, using pre foreclosure leads can mean better timing for home homes in the right location. When looking for foreclosed properties timing also plays an important role in being able to make the best offer to buy the home.
