myEmpirePROIn this lesson, you will discover some really cool tips about pre-foreclosure on Zillow,
using it to find a home, and even better, how to make serious money with it even if you have no money.
What is Pre-Foreclosure?
The term pre-foreclosure refers to property that is in the process of being foreclosed on.
It can also mean property that is considered to be at risk of foreclosure.
Foreclosure occurs when the homeowner defaults on the mortgage payments.
Now and then, homeowners are unable to make their mortgage payments for a variety of reasons,
such as unemployment or illness.
They may have fallen behind on their payments due to unforeseen circumstances,
but they are committed to making up for it after things turn around.
It can be difficult to find out if your property is at risk of foreclosure even if it’s listed on Zillow.
The old way is by building relationships with brokers and real estate agents in your area who specialize in this type of property.
But these days, you can set up alerts on Zillow.com to send you updates when pre-foreclosure properties come on the market in your local area.
This way, you can monitor many properties and get a notification every time one becomes available.
Nonetheless, it is important to build relationships with brokers and real estate agents in your area who specialize in pre-foreclosures
because they may have access to listings that are not public yet or will be coming onto the market soon.
It can be tough to find a pre-foreclosure in your area, but it is worth the effort.
Zillow is one of the best methods for finding foreclosures near you
(but make sure not to get caught up looking at properties that aren’t even for sale yet),
and you should also have some savings set aside before you start looking.
Here are some tips on how to use Zillow:
1) Know what type of home you want;
2) Set your maximum price range;
3) Search multiple neighborhoods or cities;
4) Use filters like “Foreclosed” and “Short Sale”;
5) Consider using an agent who specializes in pre-foreclosures.
Tip #1: Know What Type of Home You Want
It is always best to be prepared when looking for a pre-foreclosure home.
If you know what type of home you are looking for, then this search will go much smoother and faster.
You should take a few minutes each day to visit listings that fit your criteria,
and the process will become much easier.
I know several people who have found a nice pre-foreclosure by doing this alone
instead of waiting for an agent to find them one.
Tip #2: Set Your Maximum Price Range
This is an important step in the process that can’t be overlooked.
Make sure you have a good idea of what the true value of the home is,
and what you are willing to pay for it.
Getting pre-approved for a loan will help you set this limit so you don’t get carried away!
Tip #3: Search Multiple Neighborhoods or Cities
A lot of times, you don’t need to search for properties that are far out of the way because they might not be for sale.
You can research houses in your area by looking at other cities or neighborhoods.
A better way to search for pre-foreclosures is to see if there is a foreclosure near you.
Zillow will also let you compare foreclosures with other homes in the surrounding areas,
so it makes it easy to find desirable properties.
It’s not always necessary to buy a pr-foreclosure home, but if you want one, this is probably your best bet.
Tip #4: Use filters like “Foreclosed” and “Short Sale”
PREVIOUS POST: How To Buy A Home in PreForeclosure 📍
There are plenty of foreclosures to be found on Zillow, but not all of them are for sale.
You can use filters like “Foreclosed” and “Short Sale” to find what you’re looking for.
Importantly, just because the property is listed as a foreclosure does not mean it is for sale yet.
When using Zillow you shouldn’t use it excessively or else you might get sucked into the allure of properties that are not available yet.
Of course, there’s always a chance that they will be put up later on so keep an eye out if this is happening with properties you are interested in.
Tip #5: Consider using an agent who specializes in pre-foreclosures.
There are a number of different ways that you can go about finding pre-foreclosures.
One of the best ways to find foreclosures near you is by using Zillow,
but it’s important to be careful and use this site sparingly so that you don’t get caught up looking at properties that aren’t even for sale yet.
Another option is to contact an agent who specializes in pre-foreclosures.
This can be a more costly option but it may end up saving you time in the long run.
BONUS TIP: You will want to start by typing “pre-foreclosure” or “pre-foreclosures” into the search bar on Zillow’s homepage.
After clicking on this option, you will see a list of properties that are available to be purchased before they go through foreclosure.
In order to avoid getting sidetracked, don’t just click on each and every property that catches your eye.
Zillow has a tendency to show new listings very quickly so there is a good chance that some of these listings aren’t even for sale yet.
Also, keep in mind that some of these listings may be “Zillow scams,” which means they are false listings
…posted by people who are trying to get you to pay them a fee in return for selling you the property at an undervalued price.
These can usually be identified because they are offering prices much lower than similar properties in the area
or will ask for an upfront payment before disclosing any information about how to contact the seller.
As far as foreclosure processes go, you would likely have better luck if your search radius was smaller—
this is because foreclosed homes tend to sell faster when there isn’t a large number of people looking at them at once.
However, keep in mind that this may mean you will not be seeing as many listings.
Another Bonus Tip: Look for Opportunities in Areas Where the Population is Growing Rapidly.
As mentioned above, one way to find pre-foreclosures is by searching Zillow looking at the “newest listings” on the market.
However, another way you can go about finding pre-foreclosures is by focusing your attention on more favorable areas that are witnessing growth and new construction at a fast rate.
For example, if there is a town or city which has grown 20% over the past ten years it can mean more people moving in who need housing which increases demand for homes in this area.
This puts upward pressure on prices but it also means that some homeowners who purchased more recently may be looking to sell quickly.
Now that you know how to find pre-foreclosures on Zillow it’s time to start putting this new knowledge into action.
How To Determine The Population Growth Rate of an Area
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The population growth rate can be a big indicator of the economic state of an area because it’s a reflection of a community’s ability to support its population.
There are different ways to determine population growth rate,
and these range from looking at births and deaths within the county,
the migration patterns between counties, and even the natural increase in population (usually as a result of an aging population).
The first option is to look at births and deaths over a number of years; this will give you an idea as to whether these numbers are increasing or decreasing.
You can also take into account estimates that show how many people will live in the county by taking into account current trends like age and race.
This should give you an approximation as to what the projected population growth rate for that county might be.
The second option is to look at the migration patterns.
There are many different reasons people might want to move,
but if you’re looking into an area in which there are a lot of people moving out,
this can mean that there aren’t enough jobs in the area to sustain the population size.
For example, if you have a manufacturing industry where most of your jobs are being sent overseas or being replaced by machines,
then it’s likely only a matter of time before smaller families decide they need to go elsewhere for work.
You can also take into account the natural increase in population
– this means taking into account the number of births vs deaths within that county.
If there are more births than deaths, it’s probably a safe bet to assume the population growth rate is positive.
It’s important to remember that no single site can give you an exact number for your county’s population growth – after all, it would be difficult to accurately measure such a thing.
However, combining these different methods will help you determine which direction (positive or negative) and how quickly the population is growing/shrinking in an area.
Once you know this information, you’ll be able to make a much more informed decision when purchasing a home in that area.
The more financially stable the community is, the better chances your house has at increasing in value over time (and staying maintained).
How To Make Money With Pre-Foreclosure
Foreclosures are properties that have been in default on their home mortgage. They tend to attract buyers who are in need of a cheaper property or who anticipate the market rising again.
You can make money with pre-foreclosure homes by buying them at a discount and selling them for a profit when they are no longer in foreclosure.
if you choose to do this, be sure you account for the cost of maintaining the property during this time.
You can also rent it out until it sells or until you decide to sell it yourself.
Finding Properties That Are Not Listed On Zillow Yet
You can also do your own research with tools like www.EmpireBIGData.com
If you are looking for pre-foreclosure homes on Zillow,
it means that you either want to buy them at a discounted price or fix them up and resell them for profit.
You may be negotiating with investors who already own the house,
but they’re trying to unload it fast because they need money right away.
This means that they are more likely to sell it at a much cheaper price than the market value.
7 Additional Tips To Buying Pre-Foreclosure Without Money and Making $10,000 or More Monthly Flipping United State Houses Nationwide From Anywhere.
HAVE YOU SEEN THIS: More Video on our YouTube Channel
1. Search for properties on Zillow (Use www.EmpireBIGData.com as a more robust system to run this as a business).
2. Contact the seller to get more information about the property, including asking how much they are willing to sell it for.
3. Ask questions to find out if there are any liens or other restrictions
that could affect you later down the line, and whether it’s worth investing any time before moving forward
4. Make an offer using the free tool at www.DealEstimator.com
This might feel like a low-ball offer so you can see if they will take less than their average price in the area
– don’t worry about insulting them…
you will get a yes or no.
5. If you’re lucky enough (by doing this enough times) to have your offer accepted,
lock the deal with a simple purchase contract.
6. Sell the equitable rights to purchase the property to cash buyers and investors in the area.
7. Download my 2 books for free at www.SmartRealEstateWholesaling.com
and you will get a free seat to my next masterclass where we cover this step by step.
Tell me in the comment area any questions you may still have about finding pre-foreclosure on zillow. Next time if you want, we may discuss some more on that.
Don’t forget to download your 2 free books
Smart Real Estate Wholesaling and…
Real Estate Money Secrets at:
www.SmartRealEstateWholesaling.com
You will also gain instant access to a free seat in our virtual workshop where you will discover the 5 steps lethal-laser profit system for flipping houses with a laptop and a smartphone
while making money from home or anywhere in the world.
No personal cash for capital, credit, license or experience necessary.
Again, check that out at: www.SmartRealEstateWholesaling.com
But before you leave this video, check out the next video on the screen for more information about making money from home.