Real estate specialty websites such as Zillow.com are a good place to start looking for homes in foreclosure proceedings or in pre-foreclosure. Once suitable pre-foreclosure homes are found, the next step is to reach out to the homeowners to see if they are willing to entertain rental proposals. While it is incorrect to assume that all homeowners may be willing to have tenants in their homes, renters are likely receive a good deal on homes that are in pre-foreclosure, according to RentalAds.com.
If a homeowner of a pre-foreclosure home agrees to rent out the property, the renter should expect a non-traditional rent agreement. It is also a good idea for prospective renters obtain more information about the property such as how much the property is worth and how much the homeowner still owes to be able to make a reasonable offer, according to RentalAds.com.
The following steps show how to search for pre-foreclosure properties via Zillow.com and how to follow up.
- Go to the website
- Go to the Foreclosures page
- Use the search tool
- Contact the homeowners
Type Zillow.com into the browser and press Enter.
Mouse over the Buy option on the main menu of the home page to display the submenu. Click on the Foreclosures link on the submenu.
Type the city, state or ZIP code into the search field on the Foreclosures page.
Click on the links marked Foreclosure (instead of Auction or Foreclosed) to view more information about the property. Call the homeowners to make a rental proposal.