Finally Getting Started But First Some REO ?s
After many months of research and an idiotic mentor I finally figured out I'd like to buy post foreclosure properties on the cheap and flip'em. The question is: After a house has gone to auction and probably reverted to the bank who do I contact about buying the property. Bank or lawyer? How much do I offer, balance or start lower AND What liens do I have to worry about. If this is ? is too much for here where's the best place to find answers to my questions.
Thanks,
Raff
NOTHING is too mighty for this board! LOL.
1st place to start is bank or assets disposition services. Large lenders that have a big pool of REOs hire 1 company to manage the disposalof them.
Don't get discuraged. The 1st 10ish banks said we don't sell direct, wait unil it's in the mls
liens would show up in title search, most would be discharged at TS.
see what they have in the property. If they loaned 100K 5 yrs ago and the TS forclosed amount was 110K, and the FMV of the place if 70, they're sucking wind.
How hot/cold is the market? do they minding sitting on it or do they want to sell.
You'll need to find which negotiation tech works with which lender.
Can you aford to buy a pool? bank would love to get rid of 3 at once.
good luck.