Pre Foreclosure In IL
I sent out 300 mailers and received 15 responces.
Out of those 15 I have 4 people that just want out of their homes with very little Moving expenses/or no money
Their is equity in all 4 homes but I was just told that I have to hold the property for 6 months if i am on the title..
Well first of all I need to find cah investors since I am not using my credit or money. How do I get around this if I assign contract to an investor that wants to flip property and not hold onto it
Dave,
Put the property in a trust with the current owners name with you as the trustee.
The chain of title was never broken, so you wouldn't have to wait 6 months.
Lori
[addsig]
Tinman. I just found a property going to forclosure in 4 days. The defaulting party is listed as Firstname Lastname Trustee. I know Firstname Lastname. I called him to let him know of the notice. He said a friend must have assumed payments on this home and used him as trustee. Firstname seemed not to know who his friend resold it to that defaulted. At least he didn't volunteer. How do I get in and find Defaulting payor and tie up this house BEFORE forclosure? The process in NC is a 10 day upset bid period after each succeeding bid. I'd like to tie it up before the vultures. The forclosing party had an open house and 10 different investors were swarming in the first 5 minutes.
who is telling you that you must be on title for 6 months? If it is a lending institution then go conventional.
[addsig]
Seems to me that you had great luck in finding a medium that got these people to respond to you and you must have done something right to have them want to deal with you. It sounds like you lack the experience and the resources close these deals. Get these homes under contract, find interested investors quickly, and settle for a reasonable finder fee. Good Luck!
Dave