A pre-foreclosure is a property on which the bank has started legal proceedings because the owner has failed to pay several mortgage payments. When the bank announces about the foreclosure (legal proceedings) on a real estate property in Maryland, then buying pre-foreclosures can be a profitable investment. Buying a pre-foreclosure has got many advantages such as?* A down payment of lesser amount on a pre-foreclosure is possible, if it is structured well.* Research the pre-foreclosure real estate properties in Maryland, as you have ample time until the day of the foreclosure auction.* There is flexibility in sales agreement of the property.* You can purchase a real estate property in Maryland with an investment at a discount averaging from 20% to 35% off market value.* You help the property owner?s credit by avoiding a foreclosure auction by buying the pre-foreclosure.
One should keep in mind that there are pros and cons to all the real estate investments and hence it becomes necessary for us to know them. Following are the disadvantages of pre-foreclosures:* Difficulty in contacting the owner of the pre-foreclosure property in Maryland.* You can expect lots of competition as pre-foreclosure investing is a moneymaking business.* Finding a pre-foreclosure investment property is time consuming as lots of research has to be done.
After weighing the pros and cons, you still feel that pre-foreclosure investment in real estate in Maryland is for you then follow these successful steps:* Make arrangements for loans to invest in pre-foreclosures.* Notify your Maryland county court.* Research online for County Recorder pre-foreclosure data. * Glance through the newspaper for foreclosures and pre-foreclosures in the ?Legal Notice? section.* Assess and narrow down your selections to follow up.* Check the pre-foreclosure properly.* Ascertain the market value of the pre-foreclosure property, fix-up costs, potential sales and profits.* Investing in pre-foreclosures is worthy inspite of a little time and effort that is being consumed.
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Source: http://rawbusinesslaw.com/2013/01/23/pre-foreclosures-real-estate/
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