Pre Foreclosure A Steal For A Deal
I have a guy who have a property that is appraised over 400K we is facing forclosure in 5 days. he wants to sell it to me for what he owes plus about 10k for his pocket. he owes 257K what is the best thing for me to do to aquire this prop?
what if i cant get the financing for the 270k that i need what should i do.
Should I find an invester to do an L/O
if so where can i find one that will give me terms of a
1 year L/O with 3-5K down at an 7-8% rate?
You havent stated why you cant get the financing. Is it because of credit? You can always go hard money lender with higher rates but a deal with this much equity that shouldnt matter much..Try a local real estate investing club and locate investors/partners ...partnering up in this kind of deal may work for you..
Do your own comp study or hire your own appraiser because there are many scams going around with fake inflated appraises. For all you know the prop can only sell for what he wants and your great deal is really a gimick.
Also, make sure you do your own diligent search for any liens (taxes, HOA dues, 2nd mortgages, equity lines, etc)
Also, make sure you do your own diligent search for any liens (taxes, HOA dues, 2nd mortgages, equity lines, etc)
Also, make sure you do your own diligent search for any liens (taxes, HOA dues, 2nd mortgages, equity lines, etc)
Also, make sure you do your own diligent search for any liens (taxes, HOA dues, 2nd mortgages, equity lines, etc)
Do your due diligence as other posters have mentioned and then stop the foreclosure by bringing the mortgage current at the same time you have him sign a contract. That should by you some time to get financing.
be careful not to become just another lender added to the back of the list. if it does foreclose you will lose your investment along with the rest.
John