Preforeclosure Selections

3 Replies

Hey Everyone,

I have decided to get into the pre-foreclosure area because of the win-win situation I can achieve on every deal. Unfortunately, I understand that there are just some situations that are not able to be saved. When looking for a good house to look deeper into, what are your parameters? What do you look for in an investable Pre-foreclosure property?

Well for starters do you plan to actually buy the home from the owner who is far behind on their property and on the verge of being foreclosed on?  I hope so bc I would think it would be a crummy move to try and " flip " a pre foreclosure when that person is hoping you are going to buy the home and save them unless you tell them up front you have no intentions on buying but rather try and help them sell it. 

Good luck

Originally posted by @Curt Davis :

Well for starters do you plan to actually buy the home from the owner who is far behind on their property and on the verge of being foreclosed on?  I hope so bc I would think it would be a crummy move to try and " flip " a pre foreclosure when that person is hoping you are going to buy the home and save them unless you tell them up front you have no intentions on buying but rather try and help them sell it. 

Good luck

My intentions would to pay their property debt and give them some money for their equity in the property and help them move. I would literally help them move stuff onto and off of trucks. It would have to be a house by house basis to see if I would keep it for rental or "flip" it. But I would give them full disclosure in what I would potentially do with their house and if they weren't fine with it I wouldn't do a deal with them. I'm not trying to rip people off but find a solution for both of our needs.

Equity.

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