So you want to buy pre-foreclosures? Or at your local courthouse steps you want to hit the jackpot? Many newbies ask us about this. Here's our '60 second seminar' on it. If you're going to purchase Pre-foreclosures--after the seller is behind on his or her mortgage payments before the lender's auction date-then there are some pros and cons you need to consider.

Pros:

1) you've got a good possibility of buying the home subject-to the loan from a very motivated seller who just wants to get out.

2) you don't need to do any major marketing campaigns, just read the foreclosure notices in your local news paper (more on this later), pull some comps and do drive-bys.

3) There are thousands of foreclosures published each month, in the greater Atlanta area and there are plenty of homes to choose from. All major cities have a huge list published every month

Cons:

1) You have only got about 3-4 weeks (to beat the courthouse auction) to contact homeowners and get signed contracts, title work, financing, etc.

2) Many pre-foreclosure homeowners are in denial about their situation and/or upset at the world due to all their stress and debt collection calls they get. So, they're usually not very receptive or friendly to you and your offer.

3) Many really good deals are salvaged (caught up) by the homeowner, and the foreclosure cancelled, just before the courthouse auction.

Lets say you decide to jump in and "Play the Pre-Foreclosure Game". Consider doing a lot of bold, cut through the clutter mailings to the pre-foreclosures you're targeting, to get their attention and have them call you. Remember, their mailbox and answering machine is filled with debt collection stuff. You need to stand out, and hit them quite often. You may want to mail a different neon postcard or bulky mail (trash can, stick of dynamite, handcuffs, etc.) *every week*, until they've grown to like you or are curious enough to give you a call.

If you choose to skip pre-foreclosure and actually buy foreclosures at the courthouse steps-then you're dealing with the foreclosing lawyer and the bank, not the homeowner. The main issues to keep in mind is you're expected to pay all cash by the end of the auction day; you'll have to run your own title research in advance; and you'll probably have to speculate what condition of home interior is in since the homeowner may not have let you inside. Another alternative is to purchase the note/mortgage for cash at a deep discount, direct from the bank or lender, before the courthouse auction. You don't have to negotiate with the homeowner that way, but you do have to have access to funds, and you will still have to do your own foreclosure after you purchase the mortgage.

The key to the secret of finding these hot real estate deals is to go to eBay's Realty Blog and click on the orange RSS feed button in the right corner of your URL bar of your browser and subscribe to the feed category. You can do this in any real estate category you like. Every minute of the day a desperate or motivated seller posts a listing on this blog which automatically updates your RSS feed and you are notified of the hot real estate deal instantly. In this way, a massive amount of hot real estate deals passively come to you instead of actively searching for them. And the best part is that it's free. This cut my advertising costs in half. With the law of attraction and the infinite supply of motivated sellers I wish you wealth and abundance. I hope this article helps and good luck.

More info on your stop foreclosure information search:

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