Stopping Foreclosures With A Straight Sale
This can be an option if:
* The properly can close within a short time frame.
* The property owner is willing to sell the property below market value.
* At the anticipated sale price, there needs to be enough equity in the property to repay the outstanding balance due and sales transactions costs.
As an investor, you need to ask yourself:
Do you have enough time to market the property?
So many think that it takes months to sell a property or that A property has to be in good shape to and this is not always true sale (this is what wholesaling is all about). If your comps show low market time and you have a strong market this method will work the best for a fast flip and put money in everybody's pocket with little out of pocket on your part. This is a WIN - WIN.
Now you have to be realistic in your selling price and not to hold out for the best price possible.
If the property is close to foreclosure, negotiate with the lender for a delay to get the property sold. You should consider selling the property at wholesale just to avoid any sell delay
You also need to be asking yourself:
* Will the condition of the property prevent approval by an appraiser?
* Will the condition of the property prevent approval by an inspector?
* Do you have enough cash for your customers deposit and first month's rent to move them out quickly?
Selling a property can involve problems and you need to avoid this strategy if you are not making a strait purchase and using the creative side if:
* Substantial repairs are needed.
* Negative equity
* Lender is unwilling to provide any extension or delay in the foreclosure proceedings.
* The properly can close within a short time frame.
* The property owner is willing to sell the property below market value.
* At the anticipated sale price, there needs to be enough equity in the property to repay the outstanding balance due and sales transactions costs.
As an investor, you need to ask yourself:
Do you have enough time to market the property?
So many think that it takes months to sell a property or that A property has to be in good shape to and this is not always true sale (this is what wholesaling is all about). If your comps show low market time and you have a strong market this method will work the best for a fast flip and put money in everybody's pocket with little out of pocket on your part. This is a WIN - WIN.
Now you have to be realistic in your selling price and not to hold out for the best price possible.
If the property is close to foreclosure, negotiate with the lender for a delay to get the property sold. You should consider selling the property at wholesale just to avoid any sell delay
You also need to be asking yourself:
* Will the condition of the property prevent approval by an appraiser?
* Will the condition of the property prevent approval by an inspector?
* Do you have enough cash for your customers deposit and first month's rent to move them out quickly?
Selling a property can involve problems and you need to avoid this strategy if you are not making a strait purchase and using the creative side if:
* Substantial repairs are needed.
* Negative equity
* Lender is unwilling to provide any extension or delay in the foreclosure proceedings.
Comments(0)
Ok, so if I'm a new realtor and I find a pre-foreclosure...would the mortgage company delay the foreclosure if I call (with 4 weeks or less left) and let them know this person is listing/marketing with me?
Will the mortgage company post-pone with only this information? or should I just submit a purchase & sale contract with my name as buyer to delay the foreclosure?
Question: Ok, so if I'm a new realtor and I find a pre-foreclosure...would the mortgage company delay the foreclosure if I call (with 4 weeks or less left) and let them know this person is listing/marketing with me?
First of all the lender will not be concerned if you are a new realtor. Just because you take a listing the lender in most cases will not stop the proceeding without any form of work out!
Question: Will the mortgage company post-pone with only this information? Or should I just submit a purchase & sale contract with my name as buyer to delay the foreclosure?
A purchase contract also in most cases will not delay a foreclosure proceeding and this is of course subject to the type of terms stated in the purchase agreement.
If it benefits the lender to delay, they will!
This can be an option if:
* The properly can close within a short time frame.
* The property owner is willing to sell the property below market value.
* At the anticipated sale price, there needs to be enough equity in the property to repay the outstanding balance due and sales transactions costs.
A lot of factors play into a Straight Sale and if all components are in place as state in the article you will have a much better chance for a delay