Pre-foreclosure How To Set Up A Deal
I have seen a nice property in desparate need of repairs and the sellers are in pre-foreclosure, electricity has been cut off and I have no experience and would like to structure a deal with the seller can someone help me. Thanks
First step is to start a dialogue with the owner. Find out how many pmts behind, find out how much in repairs is needed, find out mkt value, and most important find out if owner is motivated. If they are, then digest all the info and come up with an offer for them.
Go make a deal!!!!!
Go research clear title, amount of existing liens, assessed value, market value, zoning, etc. at your local courthouse..
KNOW the numbers, what it's worth to you, IF you can fill it (with new buyers or tenants), how much you can get a month for it, how much you can pay for it (xx% less than market value minus any rehab costs), then go talk to the owners IN person and take an offer form with you and a POA or Auth To Release Info (get one signed so YOU can talk with the lender), ask them how many payments behind (try to call the lender with them present to verify this before you make an offer so you know how much you'll need out of pocket to bring it current and/or if it's in foreclosure already), make an offer get if signed/accepted, the next day or later go get a deed signed and sign your note to them for some of their equity (if any).. Etc..
Chris
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Randee,
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