End Of The Pre-Foreclosure Process, The Sale
Hi all...
Thru some time and some help from others I have familiarized myself with the process of researching and finding pre foreclosures that are worth going after. now I need to round out my knowledge on the end of the process.
I know it is more complex than this, but the way I thought it generaly worked was you would offer the person about to be foreclosed upon x amount of $ in exchange for signing over the deed. But this does not mean you are assuming their mortgage and tax or whatever else they are behind on. Can anyone complete this picture for me? What else do you have to do - negotiate with the lender??
Thanks for the time.
Not sure exactly what you are asking. Are you asking what amount you should offer the seller in exchange for him/her selling the property to you? Or are you asking a procedural question?
Procedural...
Again, this is a procedural question from a high level about what important points are next. I am at least halfway home by knowing how to find them, now I just want to understand how to purchase them from those about to be foreclosed upon.....
Have them sign a purchase agreement,then assign your agreement ,to a season investor and learn from him. As long as you bring investors deals they are willing to teach(mentor)
The reason your question is difficult to answer is that there are several ways this could go from here..
You could try to do a Short Sale.
You could try to do a Subject 2 purchase.
You could try to do a Lease Purchase.
You could try to get an option on the property and then find a buyer.
You could walk and participate at the sale.
Etc., etc., etc.!
As you are beginning to see, finding the house, and the owner willing to work with you is only the third step. The first would be to decide which investment strategy you're going to start out with, the second is to educate yourself about that strategy so you know what to do with the property and homeowner when you find them.
Jeff