Can you wholesale a pre foreclosure?
Hello. I am starting out in wholesaling and was looking around today and found maybe 100 homes on zillow under the pre foreclosure status in a neighborhood. Went looked at them all, wrote them down and noted if it was abandoned, absentee, winterized, trashed or occupied. Had a idea to maybe later send a letter to all of the homeowners, and track down the absentee ones and send them a letter asking if they would like to sell their home to me and so on. And i got to thinking, can i put a contract down on a pre foreclosure for the amount they owe to the banks and such, then wholesale it? Do i have to go to the owner or the bank? Or is this even possible to get the home under contract?!? Thanks
Most Popular Reply
Yeah why not. Its still their property until the foreclosure is finalized. Speak to a Realtor? No Bank? No.. I imagine if theres equity and profit in the home, you quickly put them under contract, you get your buyer quick enough, get the buyer to give you a down payment and use some of that to get the sellers loan current. Then proceed to closing. Being upfront with all parties is a win win situation.
But I'm not a Guru or Lawyer so I'm only giving an opinion. Don't worry the hard work will pay off.
Good luck young fella