How To I Handle This?
I'm a beginning investor and I've found several single family homes that I'm interested in that were advertised on ****Must Reach Senior Investor status before posting URL's***. The homes are in foreclosure and the contact person is either a real estate agent or bank. How should I approach them, to negoitate the deal?
If the contact person is either a real estate broker, a brokers' agent, or a bank, it (the mortgage) is no longer in foreclosure. It is now an REO meaning that the foreclosure process has been concluded and has resulted with the former mortgagee as owner in fact.
You will not be dealing with an individual whose mortgage is in foreclosure, but an institutional lender or the former lender's representative (real estate broker).[ Edited by TheShortSalePro on Date 09/21/2003 ]
So the answer to your question - Go to the contact listed - but don't expect to be dealing with a desperate individual. They can still be great deals - they are probalby mismanged or mishandled properties and "normal" buyers wil not be a big competition.
You also may get some financing from the bank and perhaps save on the appraisal at least.
[addsig]
Thanks for your responses.
Can you wholesale properties that are in foreclosure/pre-foreclosure? I want to flip my first few deals to earn some capital.