Can a home in forclosure or pre-forclosure qualify for a wholesal

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Can a home in forclosure or pre-forclosure qualify for a wholesal

S.M. Morton
Investor · Belleville, NJ · Member since 2016 · 14 posts · 4 votes

I'm new to wholesaling, however I can across a great listing that could potentially generate a great return but the owner is in pre-foreclosure or foreclosure.  Either way, I'm not sure how that works in wholesaling.  Can someone help me out?

Thank you very much for all your help.

~Shar

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    It probably wouldnt work for a foreclosure, as no selling bank is going to let that happen. For a preforeclosure it may...however check your state laws....in Maryland it is illegal to market to people in preforeclosure, so it wouldnt work here.

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  • S.M. Morton
    OP
    Investor · Belleville, NJ · Member since 2016 · 14 posts · 4 votes
    10y

    @Russell Brazil Thank you. I will check out my state's law.

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  • Dixie Yang
    Real Estate Agent · Montgomery, AL · Member since 2018 · 17 posts · 4 votes
    8y
    @S.M. Morton Man, you think Fannie mae, hud, any bank owned property seller will believe in your ＄5 purchased POF letter? If you are real investor but out of fresh hard money lender investing seminar, go for it with your own statement saving fund to actual purchase and sell on your own risk!
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