This is interesting as our law firm has definitely been receiving more calls about short sales. Banks seem to still be in the denial phase about short sales but I think it’s inevitable that we will see more willingness to discuss a discount.

Interesting article… Foreclosures and preforeclosures are up in 2007 and there will be a lot of opportunities for investors and first time homebuyers to find and acquire quality properties at discount prices.

This is an interesting insight about preforclosures. I know there are opportunities to be made in forclosures, but I just learned more about preforclosures. I like the part where the homeowner’s credit would remain intact. Thus, he has a better chance to start over again. I also like your initiative about H.O.P.E. , at least something negative could turn out positive for other people. I wrote an article about preforclosure in my blog with links to your blog article and foreclosure.com. Here is a link to the article; http://propertycrossroads.com/getting-confused-on-where-to-start-your-real-estate-investment-try-preforclosures/

could you explain the process in this statement? especially how i would take title without being personally liable for the mortgage and the property.

“Buying a house in preforeclosure allows you to simply take over the existing financing. You don’t need to have perfect credit or qualify for a loan, unlike most of the other opportunities in the industry that often preclude most people from getting involved in real estate investing. You can take title to the property, begin making payments on the existing mortgage(s), and still get all the tax advantages, appreciation, depreciation without any of the risk of being personally liable for the mortgage and the property.”

What or how do you approach a seller of a preforeclosure? Is there an introduction or script to follow that works? I would like to purchase a preforeclosure but im un sure how to initiate that i want to purchase your home to save you from going in to foreclosure.
Thanks for any suggestions

Linda Kay, are you saying that one can acquire a pre-foreclosure by taking over the existing mortgage? How does one go about doing that? Who does one approach to get the procedure started? Does the present owner quitclaim ownership? How else can a takeover buyer get title? Who persuades the owner to quitclaim without some compensation to himself? At any time is the Lender consulted? What happens once I have title and I want to refinance it at some point so that title holder and purchaser match?