Need Help BAD! NEW
I am new at real estate investing. I currently put an ad in the paper and my plan was to do some wholesale deals just to get started. Well this morning I got a call from a 23 year old girl who just got her notice that her home was going to foreclosed in 30 days. The home was refinanced for 80000 by her mother who passed away and left the home to her. She is 2 months behind on the payments and the taxed are not paid. I am really interested in this home because it is a money maker due to the location and the size. It has 18 rooms and was just remodeled. All it needs is a roof. I need to know how I go about getting this home. Do I go to the back and negotiate with them but for how much? I know I have to get it under contract with her and get a release form with her to get the info from her bank but from there I am lost. How do I finance this and get extra to fix up and sell out.
If anyone can help me please do, I am so lost and so far I have put alot of money into classes and I haven't had one deal yet. I purchased software with all the contracts in it. All I need to do is get started in making the money to buy more and make more. Thank You :-?
So the girl owes $80,000 plus some taxes. How much do you think the house might be worth in its current condition and how much would it cost to do the roof?
I would be able to get at least 100,000 or more out of this property. The roof will probably cost about 2000. I thought when you get a home through a pre forclosure that the bank will negotiate for a lot less than what is currently due on it. Then when I would sell it the prior owner would get some of the money depending on what deal we make with her. Am I wrong???????
Banks can take less, yes.
Write the offer to purchase contingent upon the short-sale (state the exact amount). I've mostly heard about this happening after the sheriff's sale when the property goes back to the lender (REO).
What do you want to do with the property?