Just recently, because of all the hurricanes and I am assuming the shortage of lumber, one of my estimates for an add a level that I am doing went up 8k over a week because of this...

What would the point of that be other than to unload the property at its peak.

He told me that even the guys coming in to bid on bulk purchases offering to unload their entire REO portfolio prior to them hitting the MLS are getting turned down flat because the lender wants to release only so many units at a time and all at full retail or over.

You'll need to replace probably some of the toilet drain and replace the rotted lumber under the toilet, re-level the floor, etc.

Once you get into framing, there's a lot of things to know about vapor barriers, ground contact lumber, mold-resistant materials, etc.In my opinion, this isn't a DIY type of project unless you're a licensed contractor.

The homeowners may come up with what's needed to stop the foreclosure this time, but may want to unload their house anyway in the very near future.I'm now looking for someone in my area who's experienced in dealing with pre-foreclosures who can mentor/partner with us through the first couple of deals.An associate of mine who's been wholesaling for 10+ years has done extremely well in his area with direct mail postcards, so that's something else you can try.

Here's a general picture of how it works and its implications for both buyers and sellers.Benefits to the Seller: The primary benefit to the seller in a "subject to" transaction is the ability to quickly unload a property without having to pay off the existing mortgage immediately.

Then if you are 10% off on estimate (which even with perfect lumber prices and everything you CAN know, how many times has a flip been perfect?)

Lumber prices have doubled in the past 6 months as well.

I have an off market Turnkey Triplex I am considering and I have at least 20 properties (combination of SF, Duplex and TriPlexs) that an older couple wants to unload in the next 5 years.