Hi guys, can you explain to me about foreclosure properties in terms of how do you make a flip with the bank owned property, can you get a good deal with a bank? bank vs. a regular seller . I found some houses in foreclosure and they are reeeaaally nice and have been standing there for 3 years in foreclosure, but i ' m not sure how to deal with the banker and especially this is my first time wholesale...
You've found properties that would make good investments. Show your numbers to a few investors to ask their opinions of the deals that you have found. If you can find good deals and connect them to he right investors, then you'll be positioned to make profits.
Research the ownership. They likely still belong to the homeownwer, as the foreclosure process is still ongoing. A short sale would be the only way to buy these. Bank owned (REO) properties will be listed with an agent once they become available.
Here is an excellent recent discussion that talks more about foreclosures, REOs, etc., I think it might help answer your questions:
@James Vermillion thanks, I was not going to type that again!
As to flipping REO/ORE, I doubt you'll find a bank that allows assigning the conotract. You'll usually need to show funds or a loan committment to close. You may also bump into title restrictions to selling within 90 days. You might define your strategy before you begin looking at REOs as options will be limited. )
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