Buying a fire damaged property
Howdy All!
I am fairly new to the BP community, but am eager to become an active member.
Here is the situation....
I am a licensed RE broker in the state of Colorado. I was chatting with my roofing guy (who owns a Fire, Hail and Flood restoration company) about buying fire damaged properties, fixing them up and flipping them.
I know most of the logistics in regards to what needs to occur for the future buyer to get financing, insurance etc... The guy I would partner with knows all about permitting and the restoration process... What we do not know is how to go about actually acquiring these properties.
Here is an example: Home catches on fire and causes total loss, owner files a insurance claim, insurance pays lien holder and owner. Owner decides to not move back into the home and move on. What happens to the house? How do we go about finding/buying these properties?
Thank you so much for any insight!
Mark