First Deal! Need Help!
I sent out a couple hundred flyers to Pre-Foreclosure Possibles, Got a real lead today.
3/2 two story home, $8000 in the rears, Home was appraised at $180k two weeks ago because the owners figured they could sell the home on there own, The mortgage balance is $125k The home is going on the auction block on Feb-5th 2003.
The Mortgage company will not take any payments except the current default amount or they will proceed with foreclosing, I ask the owner If they have a place to move to, They said they haven't thought about that yet.
How would someone handle this one. I have an idea but I would like a pro to walk me through this. 
steve@askasalesrep.com">steve@askasalesrep.com 
What you should focus on since you have time before it gets sold at the courthouse steps. Tied up the deal on a 'Subject To' and get the seller to deed you the property at the mortgage amount or give them some extra cash for their equity.
Once you have the property tied up it is time to start your homework. You want to double check the market value. Never trust the seller's numbers. Check to see if the property has any other liens against it. Go to a title company to get a title search done. You won't be able to get title insurance since the mort. is in Foreclosure. But, you'll know if there are any other liens against the property.
Hope you have built a good relationship with a Mortgage Broker. They will be able to assist you getting financing for this property. You should be able to get a Refi. 80 - 95 LTV for an Investor's Loan. Since you can pick up this property at .70 cents on the dollar you shouldn't have any problem buying it No Money Down. The key is to build a good relationship with a Mortgage Broker in your area that understands purchasing Real Estate.
~Josh
[ Edited by YourMortgageBroker on Date 01/01/2003 ][ Edited by YourMortgageBroker on Date 01/01/2003 ]
Askasalesrep,
The above sounds good but I would do a Preliminary title search no big surprise...
-Tony-
Askasalesrep:
The deal sounds good.
I'm trying to get into the foreclosure market this year. Would you please keep me up to date with what's happening with this deal so that I know what/how to do things?
Rudolf