Posted by Todd (AZ) on July 29, 2007 at 10:38:18:
Rich,
Foreclosures typically will require you to catch up the back payments
or to pay off the loan - depending on your method - and they usually
will need some sort of repairs or updating to the property (paint,
carpets, etc).
Todd
Can you Wholesale Pre-foreclosures? - Posted by Conor
Posted by Conor on July 27, 2007 at 16:25:20:
Hello Everyone,
My post is exactly that, I was wandering if you can wholesale pre-foreclosures by possibly using a lease-option, and assign your contract to a buyer (or buy yourself) before the property goes to auction? Please let me know if this is possible. Thanks in advance.
-Conor
Re: Can you Wholesale Pre-foreclosures? - Posted by Joe Kaiser
Posted by Joe Kaiser on July 27, 2007 at 18:55:50:
Yeah, sort of.
Foreclosures traditionally require lots of money to fix.
Lease options, on the other hand, traditionally are designed for people
without a lot of money to get into a house.
So, it’s a down payment issue that makes lease options and
foreclosures unlikely bed fellows.
Still, wholesaling isn’t lease optioning, meaning your title is valid while
your method is supect.
So close.
Joe Kaiser
Absolutely! - Posted by James
Posted by James on July 27, 2007 at 16:28:54:
Just make sure the lender/mortgagor doesn’t follow through with the foreclosure though. That’s the tricky part…make sure you have everything in writing before you pull something like this though.
If your LO TB has enough money, everyone should be more than happy.
James
Re: Can you Wholesale Pre-foreclosures? - Posted by Rich
Posted by Rich on July 28, 2007 at 13:34:16:
What do you mean when you say foreclosures require a lot of money to fix