I'm A Newbie, How Do I Purchase Homes In Preforeclosure Dueing The Upset Bid Process ?
I found two different properties that are in preforeclosure and they are in the upset bid stage. How do I go about obtaining a contract on these properties in order to resell them to other investors and just obtain a bird-dog fee. I have no experience at all and I need HELP !!!!!!!!!!!!!!! somebody please tell me what to do step by step. Both of these properties seem to have anywhere from 28k-40k worth of equity. ( My guess) example : the upset bid asking price for one is 118,600. The other homes in that area have sold for 150k, 159k, 165k . I don't know what kind of repairs are needed . What do I do ? Do I have to purchase this house in order to pass it on to another investor ? Or is there a way to get a contract on the house without me out right buying the house ? How much time do I have to get financing set up with the county in order to act on this property? What % do I have to put down on the property ? Someone please help me ? :-? lmccoco
I think your first step is to slow down and get some education on this form of investing.
The simple process of it all is you will need
To meet with the property owners first as they may not want to sell to you.
You will need to inspect the property.
You will need to determine what the market value is.
You will need to research the property title.
You will need to have other investors
You will need to know how to place it under contract.
And the list goes on.
Truly, my friend you need to learn what you are doing first!
Read up on the subject, take a course, search the TCI forums and articles and once you get a knowledge base down than start doing business.
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