Is It Too LATE??? 15-22 Days Enough Time To Get A Deal Done???
Have a couple of leads that are going to auction on Jan 15 thru Jan 23rd. They are trustee sales and don't know how to go about making these deals. Some I have been able to contact owners that are interested, but I am not sure about the technical stuff. Do I need to contact the trustee or the bank? Is 2 to 3 weeks before auction enought time to do anything to help the people in foreclosure. I am trying to put my first deal together and I am not sure how to proceed with this close of a deadline. Am I diving in too soon?? I am planning on getting an assigment on the properties and selling my assigment or splitting the deals with local investors I am working with in my area. Most can work with pretty tight deadlines such as this. I am unsure if legally I need to go speak to the trustee before I speak to the homeowner. Any info would be appreciated.
Ciao for now,
Veronica M.
The simpler the structure of an acquisition, the smoother and faster it should go.
Start getting complicated, and the faster it will unravel.
From what you have described, I don't think that you'll be able to accomplish your objective in such a short time... unless you have resources, expertice, and a prequalified network in place.
In light of the fierce competition for discounted real estate, you should also ask yourself why this (these) leads are going to Trustee Sale.... Unless they have fallen thru the procedural cracks, why hasn't anyone scooped them up?
Chances are that there might be a good reason why they are still available as 'preforeclosure' opportunities.
What do successful speculative investors share in common? They aren't afraid to do their homework... and they know how to do it.[ Edited by TheShortSalePro on Date 12/31/2003 ]