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how to buy a pre-foreclosure in northern california?

how do i go about buying a pre-foreclosure in california? if their loan is low and value is high, can i just approach the owners and offer to pay off their debts and default amount? 
how come i don't hear about people doing that? usually i just see it go into foreclosure and auctioned at the court steps or foreclosed and listed as a bank owned sale. 
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February 24 - San Mateo
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Profile picture for wetdawgs
"if their loan is low and value is high, can i just approach the owners and offer to pay off their debts and default amount?"  Yes, you can.   It isn't common to find this situation.     If a person has a lot of equity they will tend to sell so they can get the equity themselves rather than give it away to someone like you   There are some very rare exceptions.

Here's a link to Zillow's info on buying a pre-foreclosure.


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February 24
How come you don't hear of people doing that? Because it only happens really rarely?

The seminar leaders are out in full force, but people who have valuable properties tend to know about it - they have real estate agents sending them mail, knocking on their door, they go to open houses, they have access to Zillow . . . there isn't a field of $700,000 houses with ignorant owners $2000 behind on their payments waiting for an investor to come along and save them.

Instead, the "deals" tend to be on low-value or terrible properties. For example, it seems like it should be worth $35,000 and they only owe $15,000; come to find out it MAY be worth $20,000 - but how do you find a buyer for it?

All the best,
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February 24
HAVE A ATTORNEY CONTACT OWNER  
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