Foreclosures are Everywhere!!

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I was wonderin if it was possible to wholesale a property that is in foreclosure with a sale date and how someone would go about doing so?
This is a question that's been on my mind for a while. Any help is appreciated!

[Jon Holdman]

If the property is upside down, which could easily be the case with minimal payments on an Option ARM, you'll need to get a release to disclose information from the owner to let you talk to the bank. Then, you can try to negotiate a short sale with the bank. You can try to make the contract assignable (put and/or assigns as the buyer), but banks don't like this. If that doesn't work, you may need to do a double close. Do some searching around, there are lots of posts on short sales.

Be very careful with a sale/leaseback/option to rebuy arrangement. If you have to evict, the former owner/renter can forget the great deal you previously gave them, and fight the eviction. The argument will be arrangement is not a sale at all, but a mortgage. If the effective interest rate, determined by the amount you paid for the house (i.e., the amount they borrowed), the payments (the rent), and the loan payoff (the repurchase price) works out to be very high, the whole deal can be declared null and void.

Jon