Posted by Utah Investor on February 12, 2002 at 09:59:00:
OK, I?ve checked out the foreclosures, and have a list. Now what?
You are doing great so far. For now, that should make you first in your area to:
- Mail them fliers
- Call them
- Knock on their door
OK, how to I get the Light ones?
What do you mean ?good ones"? Do you mean with a lot of equity?
If that is your question, the answer is yes, you can.
One of the greatest secrets in chasing foreclosures is to quickly (VERY QUICKLY) separate the good deals from the bad ones. I do that in about 5 - 10 minutes per deal.
Next is just jump in and start working’ them.
When it comes time to work the deal, you won’t get a new loan, OK? Why get a new loan when you are just going to flip it and resell it immediately? That’s anywhere from $2,500 to $6,000. Why give that money to a mortgage company just to flip a deal? You will not payoff their loan, OK? Trust me.
They’ll sign the house over to you (via a Quit Claim, or a Special Warranty Deed), and you’ll flip it. The person you sell it to will get a new loan, that will pay off the old loan from the old homeowners, and it then gives you the cash difference. You’ll get paid from the Title Company/Escrow Company for your profit.
These are the basic steps, there is much more. But hopefully now your eyes have been opened to the possibilities.
Follow these ways, & you will get what you want in Real Estate, and in life.