Spellings Real Estate – Bev Spellings (Lisc #00227596) & Brooks Spellings (Lisc #326311)

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Buying A Pre Foreclosure Home – Tip The Scales In Your Favor

“A pre foreclosure home is a home in one of the many stages of foreclosure. Pre foreclosure is the very start of the foreclosure phase and it begins when the homeowner has not been able to make his or her payments and the bank or lender then starts to act with the formal foreclosure process. It is in this time that the troubled homeowner is presented with a few options to solve their problem, including refinancing or paying the loan in full or catching up on payments and all the fines incurred.

Obviously, except for the refinancing option which is often hard to go through with anyway if the owner is having problems paying his or her mortgage, he or she also will not be able to perform the options offered. If he or she were able to pay off the mortgage or even continue the monthly payments, then he or she would not be in this position in the first place. This is where experienced or informed novice investors and skilled negotiators can make good profits from a pre foreclosure home.

The best properties to locate, although they are not easily spotted, are those where the value of the home is more than the outstanding loan balance. Start by looking at your local resources. You can check the county records of present home owners as well as the section dedicated to Legal Notices in your newspaper.

You can then try to get in touch with the home owner. Do it the old-fashioned way by knocking on their door, or give them a call. Often, they will not answer their phones if they have been avoiding lender’s calls. Perhaps the most professional way to contact them is with a letter about how you can help them get out of the situation they are in.

You’ll need to find out if there are any liens or mortgages against the property, and, if so, leave that one alone. When you pick out a property that meets the no-lien criteria, get a full inspection to obtain its value. If you then decide to move forward, work together with the owner on a purchase agreement.

This way you will be helping the lender who won’t have to spend anything on the usually expensive foreclosure process. And you will be helping the homeowner because he or she will not suffer much damage to their credit rating. Depending on how much the value of the house is, you can decide if you even have enough money left over to offer the home owner some extra cash to secure your deal.

Remember that all investments incur risks. In general, the higher the risk, the higher the profit. But you can lower your risk significantly and still profit by putting in the time necessary to do your research. There are also many foreclosure websites that list pre foreclosure homes. “

By: Beverly & Brooks Spellings

Beverly Spellings Beverly’s parents lived in the same home for more than 50 years. When she began the search for her first home she not only found a place to call home, but a life-time career and passion. Beverly expects to sell around 1,000 homes by the time she passes her business on to her daughter and business partner Brooks. She would be honored to get the chance to make one of those your home. • Bachelor of Science, University of Tennessee • Joined Greater Nashville Association of Realtors, 1995 • Elected to GNAR Board of Directors in 2013 • Licensed Broker • Active in Tennessee Association of Realtors, National Association of Realtors, and Greater • Nashville Association of Realtors • Leadership GNAR 2002 • Greater Nashville Association of Realtors Awards of Excellence, 2001, 2002, 2003, 2004 • Awards of Excellence, Life Membership, Greater Nashville Association of Realtors, 2005 - 2007, 2012, 2014 & 2015 • Chaplain, Greater Nashville Association of Realtors, 2004 • Active member Christ Presbyterian Church, loyal fan of University of Tennessee, and enjoying her best role as Grandmother to Martha Ainsley and John Calvin • Involved in relocating many clients to Middle Tennessee area • Works closely with President/Managing Broker of Worth Properties who has extensive relocation experience Brooks Spellings Brooks is a native Nashvillian who has recently moved back after 7 years in New York. Her love of Nashville brought her back and quickly led to a new career at Worth Properties. Brooks looks forward to building Spellings Real Estate with her mother, Beverly, who has over 30 years’ experience in the industry - over 15 years in the Middle Tennessee area. Brooks' Background: • Bachelor of Science, Bachelor of Arts - University of Tennessee, Knoxville • 2005-2011 New York City - sales and marketing professional at national publications Cooking Light and Better Homes and Gardens • Avid traveler - over 20 countries lived in or visited • Nashville Association of Realtors, Tennessee Association of Realtors, and National Association of Realtors - 2013 • Affiliate Broker Brooks' is an enthusiastic East Nashville resident active in East-side events, resulting in friendships in the neighborhood and with owners and/or employees at local businesses including: • Historic East Nashville Merchants Association • Edley's BBQ on Main Street • Rumours East on Woodland Street • Fat Bottom Brewing Company on Main Street • Jackalope Brewing Company on 8th Avenue • Margot Café on Woodland Street • Bayberry Moon Productions on Woodland Street • Catholic Charities on 6th Street

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