Hard Money Or Alternative?
I am an investor in Texas and have worked for an investor for the last year. I am looking for some answers regarding the financing structure in pre-foreclosures. Can you make up the back payments to a foreclosure and sign a contact to buy. So you hold on to the property - postpone foreclosure - then wait until the loan closes. Risk would be that you lose the money you spent to prevent foreclosure if you cannot obtain financing.
If possible does anyone have any more specific details.
I have a hard money source but why use those crappy rates when i can do it this way?
please, all thoughts appreciated...
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Your idea is done all the time. I would go ahead and get the deed from the sellers and actually own the property. It would be better to if the sellers have moved out from the property before spending any money. Also do a title search as you never know who they owe.
Hope this helps. PM me for other questions or help.
Tef Jr
Ted Jr