Wholesaling pre foreclosure's

[Ronnie Monroe]

BP Community, Does anyone have a solid strategy/ Steps they follow when wholesaling pre foreclosure's? What questions are important to ask the seller before getting there property under contract? Thanks in advance!

[Jay Hinrichs]

make sure there are no laws in your market that relate to this.. IN CA WA OR there are very specific laws on how you handle a borrower in default...

I have done this for many many years.. this is a tough one... people are under extreme stress...

and many times denial... sometimes they just bury their head like and ostrich other times they can be proactive.

if you really want to do this here is how I did it and was successful

1. you need real cash not loans not HML not wholesaling but real cash.

2. you only contact them within 5 days of the home going to sale... ( this is when they are motivated

3. you learn how to run your own title or have a good title company willing to give you date downs on the phone ( if that can happen in your market.

4. you understand who the foreclosure mills are or foreclosure attornies so you can have courier bring them cashiers check to payoff the home.

if you get into position to do this then this is where the real money is made.