Pre-forclosure Deal Now What?
It seems that I am getting the general idea but the mechanics in putting it all together are quite vague. Is there an experienced investor that would mind giving me the steps and including the detais?
OK let's say that I have found a motivated seller that is behind in payments. The house has not yet gone into foreclosure. I make him an offer and he accepts. Let's say that I am going to get a new loan and put 10% down. How do I proceed? I need to know each step in detail.
1. I write up an offer
(a) where do I get the form?
(b) How do I get help filling out the form correctly?
2. What is the next step? In detail
3. What is the next step? In detail
4. What is the next step? In detail
5. etc. In detail
I appreciate the time it would take to answer this question.
Tatiana
Tatiana,
You have a lot more reading/studying ahead of you. Before even attempting to make your first deal, you need to educate yourself on the foreclosure process in your county. Every county operates differently, so we cannot give you every detail concerning your county. Honestly, no one will give you every detail to complete a deal. We are here to answer specific questions and the forum is here because someone has probably asked the same question before. You can find all the answers you need to most of your basic questions by searching through the forums.
NOTE: Usually if you purchase a home from a owner in preforeclosure, then a conventional loan may not cut it. You will need other ways of acquiring the property before it goes to the auction.
Tanya