Dealing with Pre-Foreclosures homes

Member since 2023 · 4 posts · 0 votes

Hey San Antonio investor, can somebody help me out in term of pre-foreclosure homes. My team and I are working with homeowners that's dealing with pre-foreclosures my question is does anyone have a contingency form/ contract they use for that process stating that if we can help you with the situation you are in then you can only work us moving forward?

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Rick Pozos

Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes

Hey @Jameson Firmin if you are getting some pre foreclosure deals under contract and you want to get them closed, I partner with people on their deals. Been in the biz for 20 years. I can help close with money or knowledge, I got both. BUT they have to be deals where we both make some $$.

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Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Jameson Firmin:

Hey San Antonio investor, can somebody help me out in term of pre-foreclosure homes. My team and I are working with homeowners that's dealing with pre-foreclosures my question is does anyone have a contingency form/ contract they use for that process stating that if we can help you with the situation you are in then you can only work us moving forward?
That is one I'd talk to a local attorney about. In a lot of detail.

Because of all of the fraud from 2008, governments got really involved in foreclosures and people who "save" people from foreclosure. There are Federal laws and local laws now that didn't exist in 2009 and you need to be aware of those. Texas probably has local laws that are specific to Texas.

The obvious question you will ask the attorney, is if you have someone sign an exclusive agreement and you can't prevent the foreclosure, what is the exposure and liability you would face.

That will not be an easy question to gloss over since you are dealing with people's homes and they get very emotional if they think you promised to save their home and you fail to do so. Lawyers love that kind of lawsuit. Judges and juries are more sympathetic to a homeowner who lost his home, than to a big, bad ol' investor who didn't live up to his end of the implied bargain, regardless of what was signed.

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Guy Gimenez
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
3y
You can best help a homeowner in preforeclosure by signing a purchase contract and closing on the purchase. In Texas, it's best to use the TREC contract form. If you're attempting to assign a contract on a home in preforeclosure, you're not really helping the homeowner, you're hurting them if you're unable to unwilling to complete the purchase.
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Jameson Firmin
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Member since 2023 · 4 posts · 0 votes
3y
Okay thank you guy so much.
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Rick Pozos
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
3y
Hey @Jameson Firmin if you are getting some pre foreclosure deals under contract and you want to get them closed, I partner with people on their deals. Been in the biz for 20 years. I can help close with money or knowledge, I got both. BUT they have to be deals where we both make some $$.
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Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
3y
I don't think I have come across a single forclosure the last few years. Remember, one condition that forces people into forclosure is that the house is worth less than the outstanding loan amount. As long as you have equity thy can just list it and walk away with a check and no damage to their credit.
That does not mean there are no motivated sellers out there, who have maybe lost their job and are financially distressed and therefore open to selling their house.
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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
3y
Quote from @Jameson Firmin:

Hey San Antonio investor, can somebody help me out in term of pre-foreclosure homes. My team and I are working with homeowners that's dealing with pre-foreclosures my question is does anyone have a contingency form/ contract they use for that process stating that if we can help you with the situation you are in then you can only work us moving forward?
If you are not a licensed real estate broker you would be leaving a trail of executed contracts that prove your practice of real estate brokerage without a license; that show a probable violation of CFPB regulations, and that open you up to lawsuits by the aggrieved party should you not have the expertise, knowledge and experience implied by the agency relationship you’d be establishing. This goes far beyond a buyer - seller relationship and inherently more dangerous.
Private Mortgage Financing Partners, LLC
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Jameson Firmin
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Member since 2023 · 4 posts · 0 votes
3y
Quote from @Rick Pozos:

Hey @Jameson Firmin if you are getting some pre foreclosure deals under contract and you want to get them closed, I partner with people on their deals. Been in the biz for 20 years. I can help close with money or knowledge, I got both. BUT they have to be deals where we both make some $$.

hello Rick, can we sat some time to talk.
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