Posted by John on April 20, 2006 at 17:17:51:
Just depends on you and your attorney and/or title company. I have done it in 2-5 days. The 1 hr is Joe he does things most of us are not set up for
need pre-foreclosure education - Posted by Larry K
Posted by Larry K on April 20, 2006 at 06:10:59:
I need more info on the tools for pre-foreclosures. Hopefully the upcoming convention will help a lot. I would like to focus on this area in the near future. My question now is how long does it typically take to put a deal together, or what is the minimum amount of time it can be done in? I know it depends on the specifics. Ive been monitoring the foreclosures in the paper and have even followed some all the way through until they were purchased by the lender and offered on the MLS as an REO. Im looking at one now that is up for sale on May 5. The mortgage was $100k in July, 2004. The house is worth $125K. Probably not enough time? I realize I need more info on the whole process than can be obtained here, such as, calls to the owner vs letters to the owner, content of the letter, structuring the deal, etc. A lot of people in this area have been successful buying on the courthouse steps, but how do you verify the condition of the property. Thanks in advance for any help.
Re: need pre-foreclosure education - Posted by bill
Posted by bill on April 20, 2006 at 14:27:49:
i have been going to the recorders office and looking at lis pendins. i live in illinois. i pull up the document and most of them say foreclosure on them. so i get the name,address and phone and give them a call or send them a letter. out of about 20 i have not had one bite. they act surprised i called and seem to have no interest in selling their house. are they clearing things up and doing ok now or are they in denial and just waiting for what ever to happen. thanks for any help
Re: need pre-foreclosure education - Posted by Joe Kaiser
Posted by Joe Kaiser on April 20, 2006 at 13:30:03:
It’s interesting that you look at your subject property and think, “not
enough time.”
Time isn’t the issue.
What we see is, not enough of a deal.
A house “worth” $125k where $100k (plus, likely, backpayments and
foreclosure costs and fees) is not a deal investors bite on.
What makes a deal a deal is where you need to start.
As to time . . . takes about a hour.
Joe
Re: need pre-foreclosure education - Posted by Adam-MI
Posted by Adam-MI on April 20, 2006 at 07:23:08:
I doubt your claim that there is not enough information for you on this site. If you read the how-to articles, search the archives, and post questions, you should find more than enough info here.
Re: need pre-foreclosure education - Posted by Larry K
Posted by Larry K on April 20, 2006 at 14:57:44:
I normally buy FSB, REO or from the MLS, but have never attempted Pre-foreclosure. Ive called owners of vacant properties with fair success, but I iamgined a different welcoming when I call the onwer who has just received notice of foreclosure. But it doesnt cost much to try. I was looking for some real world advice. Im sure it is not an easy sell but everyone is different. So I would be curious just to find out how some of those conversations may go.
Re: need pre-foreclosure education - Posted by Larry K
Posted by Larry K on April 20, 2006 at 16:05:00:
Your right thats a close margin. I dont know what the payoff is or if there are any repairs needed. Just a quick example to ask my question. But obviously part of my needed eduaction. I buy FSBO, REO, MLS , rehab and retail or rent. Ive been thinking about contacting owners in foreclosure to find out how it goes. I just dont know how to find the payoff amt without getting it from the owner and how close up to sale date the bank will accept payment. Dont you need time for title work to check for 2nd mortgages,liens etc. I wasnt trying to get the full scoop with one question, mainly the time frame required. Your one hour time frame is pretty impressive.