I have a lead that just contacted me they are in the pre forclosure stage the property is located in a very nice subdivision in Grand Prairie TX I'm planning on walking thru the property some time tomorrow evening. The seller is very behind on payments and has owned the house for 15 yrs or more and does not live there so she doesn't want the house to hurt her credit.IF ANY EXPERIENCE INVESTOR WOULD LIKE TO ACCOMPANY ME ON THE VISIT I WILL GREATLY APPRECIATE IT I'M A NEWBIE so all i want is to learn what to do and how to actually seal the deaL and to evaluate if this is a deal we can split the profit or i'll take a finders fee i really just want the exprience
time is of the essence so any suggestions on how i should go about this?? like exactly what i need to find out they have refinance the house before so can that be a problem? what else information do i need to evaluate this deal?
Do you have cash to buy or are you messing around with guru stuff with no money, insufficient credit and just trying to get started?
These people are basically protected under new federal laws with teeth, designed especially for the "help you solve your foreclosure problem". Another issue is getting involved slowing down the process of a bank foreclosure, another federal legal issue.
If you so much as make the implication that you are buying and later it is realized that you're assigning contracts without the ability to buy, and that delays the deal or you fail after trying to beat the bushes for some buyer, your number might just come up.
If you can take a real buyer, not some other investor type in the same boat, to meet them, go for it, otherwise, tell them on the phone your real position and see if they still want to talk, otherwise, avoid them like the plague. Just trying to keep you safe! All the best. :)
Wow i did not know thank you for the heads up @Bill Gulley
I understand where Bill is coming from on this subject but I also have to disagree with his answer. First you need to find out how far behind that seller is( monthly payment wise) and then if the numbers work out then go for it. You can go on zillow and put the address and it will tell you if there is an auction date set for it. But you have to make sure that the numbers work so that you can sell that contract to an end buyer. If you get a deal under contract that is a truly great deal then you will find a buyer for that property. I would suggest making sure ou have some blank bandit signs and hand write " for example... 3/2 1450sqft $75k CASH ONLY with your number on it." Also put signs stating the same thing within a mile radius of that property and make sure you market or on CL and goto www.postlets.com and put it there an that will blast it to over 30 sites to help you market the house. Justake sure the numbers work and you will sell it. Oh and lastly make sure your out clauses are in the contract.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!