Wholesale Foreclosure?
Is it possible to wholesale a foreclosure?
As I understand it, a foreclosure auction takes place at the courthouse steps and a buyer needs to have certified funds for a portion of the purchase price.
So, how would one go about "purchasing" a foreclosure to assign to another buyer? Is it possible? Is there ever an instance where a buyer can purchase a foreclosure in an auction without having certified funds availabale right then?
When is it too late to approach a homeowner who is going into foreclosure to buy the property before the bank gets it?
Sorry about all of the questions. I would like to start wholesaling properties, but I'm brand new at this and I'm a little sketchy on the details surrounding foreclosures. Could someone help me understand better?
Thanks so much! :-?
You can wholesale if you buy low and then sell at a wholesale price to someone else.
That is really not your question. You want to buy with little money. At an auction you either have the cash or do not even try to buy at the auction.
You can try to buy from the seller prior to the foreclosure. You need to read up on sibject-to financing and find sources of money (people to wholesale to).
John
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