BiggerPockets

i have found a property that is in preforeclosure. i have spoken with present owner extensivly and know pretty much the ins and outs of whats going on. the problem lies in that the noteholder on the land is foreclosing. the noteholder on the dwmw is not. how does this work? i have called both of the different lenders and they gave me minimum info on the subjects as they want releasse forms from the owner to give me more info. is that customary? do i just need to deal w/ homeowner as it is still his prop for now? he just wants to sell for payoff and walk away, but his payoff is too much. where do i turn now?

will the prop need to be listed or will an RE agent need to be involved @ all?

thanks, one time, thats a helpful link. it changes everything about this transaction.

One Time Buyer I will have to say that you do not have the owner contact the back to see if they will take a short sale on the property.

What I would say to do to Chevis is get a AUTHORIZATION TO RELEASE letter sent to the bank signed by the owner. Then you get the bank to send you all the info you need on the property.

Then you go by and take pictures of all the disgusting places in and around the home. You ask the home owner what problems there are with the home.

Then you create a purchase and sales agreement based upon your info. You also create a HUD statement, showing that the owner is getting no money in return for this short sale.

So if the home is worth 100k and you can show proof that it needs 30k-40k in repairs, then you put a offer in for 45k and see what the bank tells you.

They will send a realtor by to confirm your evaluation of the property.

Hope this helps you. There are a couple of more steps, but I just gave a brief analogy of the process.

Yes, I am a member of the MREIA. They meet the 3rd Thurs of Every mth. Come as a guest of mine. I do not go to every mtg, only because I am out of town sometimes and also, I just eveluate the speakers and all, and just decide that if on that mtg date I have something more pertinent to do then that is what I will do.

But, I would encourage you to join and become a active member as I would to all newbies or even novice who purchased less than 10 homes. I look forward to touching base with you Chevis. Maybe next wk we can get together for lunch my treat.

SUCCESS BREEDS SUCCESS

Well we do all of that because many times the owner does not have the right documentation and does not know how to go about the process.

Many times also, the banks will give the owners the run around and they will get frustrated and disheartned and not do anything, but let the property go.

We have all the paperwork to get the process going. I have done over 50 of these and many of them have bee successful because we guide the homeowner every step of the way.