Deals That Can Be Done A Week Away From Auction??
I did a drive-by of two houses scheduled for sheriff's auction and both look like great houses if they could be purchased for a bargain price. They both look owner occupied. Say I could contact them, what deals are possible or what would stand in the way? Is it still possible to offer the owner to take over financing, catch up arrearage and taxes, etc etc and get something done with their mortgage company to hold off the auction and end up with the property? I know I need a property where there is substantial owner equity despite the arrearage in the loan etc. I'm obviously very new at this and appreciate any help.
"Deals" come in all shapes and sizes. Is it possible to have a meeting of the minds between parties in such a short time? It's possible, but I don't know if you can adequately perform due diligence in such a short time. At best, you may be able to postpone the Foreclosure Sale (if your jurisdiction permits) and try to fashion a win/win transaction.
In just about every corner of the USA that has television or the internet, you can bet that there are scores of seasoned pros as well as enthusiastic wannabee speculators. You have to ask yourself one question: IF a deal hasn't been struck by this late hour, what's wrong?
For the folks that I work with in their quest for the discounted purchase of preforeclosed residential real estate, I advocate farming, and cultivating leads to maintain a steady supply of opportunities. IMHO, an 11th hour deal is like finding a needle in a haystack.
I would say it is definatly possible but in my experience you can get a better profit margin if you want until after the sale and deal with the bank directly.
Quote:
On 2003-10-04 14:47, TheShortSalePro wrote:
"Deals" come in all shapes and sizes. Is it possible to have a meeting of the minds between parties in such a short time? It's possible, but I don't know if you can adequately perform due diligence in such a short time. At best, you may be able to postpone the Foreclosure Sale (if your jurisdiction permits) and try to fashion a win/win transaction.
ShortSalePro,
Just wondering, can you please give details (walk through the steps you would take) of how exactly you would structure this 11th hour win/win transaction? I'm sure everyone here would benefit from your knowledge/experience as well as saving alot of research & time
If you have a specific transaction in jeopardy, or need help in the prequalification of the SS candidate, and/or structure of your Proposal, email me privately. I offer general E-Coaching, and more specific E-Consulting.