Wholesaling A Foreclosed House, In CT
Hi, I need help.
As you can see, I am new. I am starting with wholesaling.
Yesterday I placed signs saying "we buy houses".. This morning I had a call.
The house is in foreclosure. Owner is late in payments and wife is ill. Need to get out of there. Said all he wants is $4k.
He also says house is nice, and their is some equity.
I am meeting him tomorrow morning.
Any ideas on how to approach the case?
I think of getting more details on mortgage, if house looks OK, get an "authorization to release" info. Then, it's not very clear.
Thanks in advance.
Daniel
Honestly Daniel, if you haven't planned further than this, you're in way over your head.
If you have more details, we can help.
If this is all you know find another investor to birddog this deal for a small fee if you're lucky.
You may want to contact a cash flow consultant. They specialize in facilitating the funding of Privately Owned Mortgage Notes secured by any kind of real property or land (single family/multi-family, mobile homes/RVs, commercial/ industrial, raw land).
They are paid by the funding sources who pay for almost all closing costs on a deal. As you can see, I am new to this forum too!
If your property owner is willing to carryback a note temporarily, this could be your answer.
Moises
Sorry Perfecto I am a go getter kind of a person. I say GO TALK TO HIM. Look at the house, see what kind of repairs it needs, talk a little, then listen alot. Did you hear me???? Talk a little, then listen alot. Let me say this one more time so that you will understand, Talk a little, then listen alot.
This owner will tell you everything that you need to know to help him out of this situation. He will tell you exactly what he NEEDS, not what he wants, how quickly he can move, why he is in the situation, and how you giving him 1 or 2k will really solve his problems.
I am not saying to prey on helpless, wounded fawns, but the reality is that they are in foreclosure and they need HELP!!!!!
Dont promise them anything during the first meeting. Let him know that you want to help, you will get back with him tomorrow. Find out all you can about his situation and the financial matters with the property. Get on the phone when you are there with him and have the mortgage company fax YOU, not the owner the reinstatement amount and the payoff amount. When you have that and the comps for the area you will be better able to analyze the whole picture.
Thank you all very much for your replies. They are all very helpful, warnings and suggestions. I got ideas from other investors last night, and will go see the seller with more amo and listen carefully.
Enjoy this Sunday.
Daniel
Oh, and of course, I will share with you the outcome of this.