Learn More Tactics with Pre Foreclosure Real Estate

You've gone through the process of creating your pre foreclosure letter, using all your pre foreclosure information and now you've got your purchase offer accepted by the bank. Yah! You feel success! But it's not over. Now you're down to the closing and are doing a title check.

You find out the bank you've been negotiating a short sale or preforeclosure short sale with is a bank that is not even on title. It appears they don't own the note. How can you find this IMPORTANT pre foreclosure information MUCH soon in the process?

Buying Houses Pre Foreclosure

You've got to check your title as soon as you get your pre foreclosure real estate deal accepted by the bank. Make sure the bank you got the acceptance letter from is on the title search as holding the note to the property.

If not, you're going to have to get the "assignment" documents from the bank listed on the title search and have it recorded at closing. This will prove ownership of the note and that the new bank you've been talking to has the right to negotiate a short sale and with the owner's signature on a purchase contract, sell the property to you.

The current bank who is working the pre foreclosure lead should help you track down the assignment paperwork.

If not, be prepared to start calling the bank on title and have your Authorization to Release Information document signed by the homeowner ready to fax so they will speak to you.

If not, it could be pretty tough going to get it closed.

Make Money Buying Pre Foreclosure Real Estate

But I say, "don't give up!" You have come this far. You've gotten your discount; you have your money lined up. Keep following up because the cash from your pre foreclosure house is almost in your hand!

So What is the Single Most Important Thing to do When Closing a Pre Foreclosure Real Estate Purchase?

Get your title search done as soon as you have acceptance from the bank. I don't do it any earlier because the bank can easily change their mind about selling at your purchase offer as it goes for management approval. You've now spent money on a house you can't afford because management wanted the purchase price increased significantly.

I won't spend money on a pre foreclosure real estate deal until I know the bank is willing to accept my offer. Then, you bet. Get the title search. Ask the title company to explain it for you, outstanding liens, ownership of note, any taxes due, etc. if you don't understand exactly what you are reading. Then get your cash lined up and collect your CASH from buying homes pre foreclosure!

More info on your stop foreclosure information search:

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