It's very true that as an investor or even someone looking to purchase a home to live in, you should look at foreclosures or pre-foreclosures as ideal properties. But at what point in this process is the best time to purchase the home? A home goes into foreclosure because the homeowners are unable to make the required mortgage payments.
The whole process from when the homeowner first starts missing payments to when the lender holds the deed can take up to a year. Up until the final moment, the homeowner has the ability to make all the missed payments plus any foreclosure fees and keep possession of the property. If you are looking for Bend Oregon homes for sale services, then you can check out the various online sources.
As an investor, if you're looking for a short sale or a pre-foreclosure you are dealing with the homeowner in the period just before the home goes to auction. You can be constructing your deal, working on financing, and even working on getting a new buyer or tenant for the property, and the rug can be pulled out from under you. The original homeowner may come up with the necessary funds to keep their home. And now you have to start all over again and find another real estate foreclosure listing.
If you wait until the home has been foreclosure and then you buy it, you may have to deal with homeowners or tenants who are still in the home. At this point, the home is yours and it's your responsibility to get rid of the people who are living there. Can you deal with the emotions that come with evicting someone?
There are many things that you have to think about when you're purchasing a real estate foreclosure listing. But you must keep in mind that anything worthwhile you have to work at. No one said that this was going to be easy, it will take some effort, but there is money to be made.