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Hi
I am considering looking at foreclosed properties as an option to the expensive Southern California residential real estate market. Am I dreaming? I dont really know much about foreclosures. Are you required to pay the full purchase price? Do the properties really sell for below market value? I am especially interested in the San Fernando Valley.
Hi, First are the homeowners willing to walk? If not see what it will take to make them leave ($)?? Do you know what your exit strategy is goin to be? (Keep, Sell?) How will you fund this deal? Get an auth. form signed by the homeowner. Fax it to the 2nd mortgage and tell them you are interested in a short sale on the property. See if you can get them to postpone the auction. Tell them you are interested in purchasing the home but you cant with the present balance. If they wont do a short sale see if they are willing to sell the mortgage note? If they are and you can purchase it you could buy the second mortage and continue with the foreclosure yourself. You need to get control of the property and work that 2nd mortgage. A short sale is when you negotiate the balance of the note. By doing a short sale you are creating more equity for yourself. I hope this helps!
Put in the contract that seller is to move out on such and such date. Hold back some of the money until they move out.