To turn a profit with foreclosure or pre-foreclosure investing, it's a good idea to stick to a few important principles. These principles have guided many property investors to ongoing success. Ignoring them, on the other hand, is likely to either slow down, or impede, your ability to build a profitable foreclosure and/or pre-foreclosure investment business.

According to statistics, only about 70% of people in the United States fully own their homes. Whether you're looking for your first home or needing to relocate, foreclosed properties can be a lot less expensive than buying through conventional methods. The most common way of buying foreclosures is through auctions which usually will start at the amount at which the loan was in default.

The main contrast between buying foreclosures and buying other properties is that you are under a time limit. You must negotiate the sale before a specified date or the home will go into foreclosure. Foreclosure proceedings typically follow a tight time-frame, so you need to identify a suitable property, get in touch with the home owners, inspect the property, and make an offer that's acceptable to both the owners and the lender all within this period of time!

So, as an investor seeking to buy a house during the pre-foreclosure period, it's worth being aware of how to explain the options available to a home owner. This way you can help them appreciate the appeal of your purchase offer. In particular, selling them on the concept of a "short sale" is likely to benefit both you and them. And you can help "sell" them by helping them with the tasks of (a) convincing their lender to approve the short sale, and (b) assembling all the paper-work required.

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