Process After Contacting Foreclosure Tenent - Acceptance In LasVegas, NV
Hi all,
Need a little assistance.
It my first deal and I have received enormous amount of help from this website.
I have a client that is ready cut a deal. They have equity in the property and are in the hole for 15 big ones. The home is 2002 so pretty new.
The individual has a 1st for 188 and a 2nd for 45. Its valued at about 270 low balling it.
Now that he/she has agreed to the pre-foreclosure what are my next steps.
Things that have been completed.
1. Preliminary title report
2. Search at the county clerks office.
Now what are the following steps? Have a broad idea of what to do. Need process. Any got ideas?
Thanks 
Are you trying to short sale and buy outright or what?
If I were you, I would try and take the house subject 2, nego. with the second for half payoff, and find my buyer for the full amount.
If the first is in foreclosure, the second will be more willing to deal. Then to take the first subj2, you'd have to get a reinstatement amount from the bank or foreclosing atty, and bring the first current.
Of course if you have a while before the auction, you could just nego. any discounts possible, and do a simulatneous closing with your buyer.
The possiblities depend on the circumstances. See?
thanks for you response.
I am trying to buy outright. The 1st and 2nd are both from the same bank. Its the 1st thats going into foreclosure.
My purpose is to pay the owner to move out, bring her loans to current and maybe sell it or rent it out.
I am not sure what steps need to be taken after I made a deal with the owner. Do I go to escrow or a RE atty to do the paper work. And I know that I shouldn't give her money till she is out the house.