How can you locate pre-foreclosures and potential short sales?
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Question by el cabo: How can you locate pre-foreclosures and potential short sales?
I am interested in buying a first home on the South Shore of Long Island. How do you get information on properties that are underwater where your buying may really help the seller already in trouble and at the same time pick up a decent livable property?
Answer by linkus86
The only way I know of is to beat the streets. Find a desirable neighborhood and then talk to the neighbors. Neighbors can offer a wealth of information about such situations that are getting tense for homeowners in trouble. I believe your strategy is smart, but to get the deal of the century you are going to need to get your ducks in a row even before you go out investigating to secure a loan that can close quick because the property you eventually find will be had because the sale can happen right away. Good Luck.
You could also speak to a few more established Realtors and mortgage brokers in your area that have had lots of clients and would know if any of their past clients are in trouble.
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