Best Buying Method In A Crunch???

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Here in Virginia, the pre-foreclosure process is very fast. Notices of Default are not recorded. Pretty much the earliest clue is the appointment of the Substitute Trustee, which isn't much of an advantage, because I am finding that the Foreclosure Attorneys are recording the Appointment of Substitute Trustee document the very same day as they advertise for all the world to see. That being said, I usually have about 4 weeks from the time I'm aware a property is facing foreclosure and the actual Trustees Sale. Of the many techniques discussed to buy houses, which ones are possible in such a time crunch?

Comments(4)

  • c-brainard3rd February, 2004

    $$$$$$$$$$$CASH$$$$$$$$$$$

    -Chris

    _________________
    Live long and be profitable![ Edited by c-brainard on Date 02/03/2004 ]

  • guitarbrad3rd February, 2004

    That's for sure Chris! What about any of the creative techniques, such as Subject To of Short Sales. Will these work with pre-foreclosures, especially in this amount of time?

  • JohnLocke3rd February, 2004

    c-brainard,

    Thank you, my sentiments also.

    John $Cash$ Locke

  • c-brainard3rd February, 2004

    Four weeks should be enough time to use any method you want, as long as the bank is cooperating.

    Subject to would just require you cover necessary back payments/fees.

    Short sale would be slightly more difficult. I'm currently dealing with a bank that is slow as (insert your favorite negative word here )

    You could also look at getting a hard money loan. Terms will be bad but it will give you 6-12 months to figure out what you want to do with the house. They usually take about 72h to fund, so the title company should be the bottleneck.

    You might want to give ShortSalePro a buzz, he usually has a couple of cents to add to foreclosure threads.

    -Chris
    [addsig]

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