Questions to ask owner of foreclosed property

3 Replies

Hello, I am a newbie at real estate investing and I have a question...When wholesaling a foreclosed property, is it necessary to ask the owner questions, pertaining to,  mortgage and loan documents, property tax records, insurance policies, etc.?

Thanks,

Neomi

"What is your situation?", and just listen. Just listen. Most of your questions will be answered without asking, and you will build trust. You can come back later with hard questions, if unanswered.

Oh, and did I say, "Just listen?" 

Thanks so much Joseph!  I appreciate your insight!

The statement "When wholesaling a foreclosed property" implies that the owner is either 1) the lender who has taken the property back or 2) the high bidder at the trustee sale. If the former, generally they will have provisions in their sales process to prohibit/eliminate contract assignment and "wholesaling" in general. If the latter, I can't envision why a cash buyer (since this is a foreclosed property) would ever entertain using a wholesaler.

I guess I don't see the point of asking questions about "mortgage and loan documents" if the property is foreclosed (these are irrelevant) or "insurance policies" since these terminate on deed transfer. You can find out about property tax records from public record.

So I guess I don't get it. I never ask questions like that because it's built into the REO broker listed sale process to close transactions for "real" end buyers.

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