Hi everyone. New here and to real estate. I have a few questions I’m hoping to get some help with. I have the opportunity to either get on a deed to a foreclosed property on Oahu that has a house and land that can be and have been attempted to be subdivided from what I can tell. I am not sure if getting on the deed is the best option as it goes into foreclosure. I guess that is my first question. If so why? If not and I know the owner and will know the day it goes to auction how can I use that if I am not on the deed to get the property? Assuming I don’t have 800k in cash to purchase the property. That’s the next line of questioning. How can I get financing to purchase the for foreclosure and flip it and pay the lender back? Know it can be subdivided and split and sold as two lots has been confirmed. I’ll stop there. I’ll read any info suggested. Lots of moving parts here but is an amazing opportunity I think.
Thanks for your replies in advance
Getting on a deed to a foreclosing house won't accomplish anything - the home will still foreclose. I suppose it may create a new red tape event for the lender but they will proceed. If you lack the means to purchase the property, you won't be able to and being on the deed wont help you in any way. You may have an opportunity to buy the home at auction (if they have one). Otherwise the property will be foreclosed and eventually will end up listed, at which time you can buy the property- assuming you can get cash or financing.
@Kevin Wo Having the owner deed it to you won't help. It will still be foreclosed and the deed won't be valid. It will be ignored.
The auction date is advertised to the public, so everybody knows about it.
Your options are to have the cash and win the auction, or if it is worth more than they owe, enter a contract with the owner and buy it before the auction.
The property has already entered into foreclosure. In Hawaii there is a list a mile long to wait and the moratorium has just extended. If on the deed I’m under the impression if the foreclosure is fought then perhaps a judge could possibly decide to sell to deed owners to recoup some of banks money due to “predatory lending practices.” If this is not a viable option then aren’t there investor groups that look for deals like this that provide funds? I for some reason think that there is but I am not sure.
Hi, @Kevin Wo . I buy lots of properties in pre-foreclosure in Hawaii. The above posters are correct in saying that you generally won't be able to delay matters by going on the deed at the last minute - a judge will see right past that. Possibly slightly but it's not going to change the real trajectory, and I believe the moratorium you're referring to is for evictions. One more point - yes, there are investor groups, but they generally don't exist primarily to provide funds for others - they look for their own deals.
Drop me a PM if you'd like to talk about it in more detail - perhaps there's a way to work together. I just got CPR approval last week for a property in Makaha.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you