Scenerio - PreForClosure
HOW WOULD YOU DO THIS DEAL????
I am posting this to get different inputs on how to accomplish the Preforclosure task in this scenerio.
Scenerio;
Wholesaler contacted motivated user who has missed 4 payments and has received the initial notice of foreclosure. The home is valued at 100,000. The owners owe a loan balance of 50,000. The house basically needs a good cleanup, new carpet and painting, estamited repair costs are 3,000. The wholesaler negotiated a contract for the purchase price of 52,000 (2,000 back to the owners to start over) and to catch up the payments.
Task: List step by step what the process should or what your process would be to get complete this as a wholesale deal.? For instance, when would you contact the bank?, what information would you need to give them.
I am very interested in reading and learning from the various responses, so thanks in advance.
[ Edited by CBuford on Date 06/15/2005 ][ Edited by CBuford on Date 06/15/2005 ]
Buford,
Are you the wholesaler or are you purchasing from the wholesaler?
In this scenerio, I am the wholesaler.
I would like to say that this is a mock scenerio. This is not an actual deal (yet). I decided to post "scenerios" about different subjects in order to get a wide range of responses which will most like vary in ways to accomplish. I figured that there are a lot of people with these same types of questions who may learn a lot as well. Just remember if you see a post from me with "Scenerio" attached, it is not a real deal but an information gatering question. Thanks for your replies.