assigning pre foreclosures?

you mean pre-foreclosures, thats where they homeowner is in default on mortgage but the bank does not own it yet.
If so, then pre-foreclosures are good i oyu have the money and finesse to work them.

You may have a lot better luck doing re-assignments with REO's. Once the bank has foreclosed you can get the properties at a greater discount and you can lock up a lot more properties this way.

I have post a few links below to help you.

http://www.deangraziosi.com/node/3783
http://www.deangraziosi.com/node/5585
http://www.deangraziosi.com/node/5360
http://www.deangraziosi.com/node/5731
http://www.deangraziosi.com/node/4099
http://www.deangraziosi.com/node/5654

Thanks anita that helps a lot! My thinking was that i could go to a home owner who is about to be foreclosed on and work out a purchase contract with the ability to re-assign the contract. I thought about REOs also but i wasn't for sure what a bank was going to think about the idea of me re-assigning the contract. I thought they might frown on this idea and not make the deal with me!!

Thanks
Shaun

It's great that you want to help these homeowners, but remember at this point they're being bombarded by tons of RE investors trying to get their home for pennies on the dollar. So you have to approach them carefully (some are hostile) and convince them that you're not just another 'shark' waiting to feed on their misfortune. I started out doing that and it was very hard because foreclosure scams were high in the media reports. So now I only help folks that come to me by referal, but I'll outsource them, because I don't like dealing with the lenders.

Could you explain how someone who has no money, no pre approved letter (for financing) would approach a bank who own a property?
When you tell them you are looking for properties that you are wanting to re-assign to another investor... what will the bank expect you to show them so they will even want to talk to you about properties they have?
Thanks in advance Elena, Anita, Sully.....

Hi Elana,

Question on the strategy and ideas you mentioned.
You mentioned finding sellers that come to you via referral,
and then... " but I'll outsource them " .
When you say 'outsource ' are you referring to a straight re-assignment of contract, or is there more to it?

Yes, I mean I will assign it to an investor who does short sales and actually likes it.

Has anyone dealt with www.hudexchange.com? I went searching and printed several properties in the areas I was interested in after registering with them. A representing R.E.agent called me later that day. Does anyone know if its good to deal with them? Thx,Bruce

don't expect a HUGE discount when dealing with HUD, when they are put on the market, they usually sell for no less than 5%-10% within their asking price, and also on HUD, they want a PRE-APPROVAL letter for any bids put in through an REO agent, SULLY.

so you are saying that you CAN assign a pre-4? How, do you actually sign an agreement of sale between you and the pre-4 person? Then assign it to someone who does the short sale part?

Same as everyone else.. Just write in and/or assigns. The reality is that in a short sale, the homeowner is sort of a bystander. The bank (and maybe MI company) are the ones doing all the dciding.

There is actually a fair bit of value added in negotiating with the bank to get the short sale accepted.

Hello everyone.

I have finished the book and I want my, I guess you could say 2nd deal. I bought my 1st house 2 yrs ago as an investment. Now I'm stuck. I have so much info and lack of info that I don't know what move to make.
I have good credit, no extra money per month and my debt to income is too high. I can cash out money and have about $7,000.00 tops. Now what? Or I can get a home equity line of credit for $10,000.00 but what if the house doesn't sell or rent and I can't make payments?

I think my neighbors across the street have walked away from their house. I just assume it's a pre-foreclosure. No sign in the front yard yet. I can't contact the current owners and have no idea who holds their mortgage. I was insanely excited to find out and make a deal (I don't know what deal I would make, but I was going to wing it and get informed as I spoke with the bank and just get bold) Anyways, after reading this sites info. I guess it will be best for it to go thru the foreclosure process and become an REO and then maybe get a better deal? Or how do I find the lender and then lock it up and assign it?

Please let me know your thoughts and some guidance.
Thank you.
I have very much enjoyed the information on this forum.

I have been studying and researching Real Estate Investing for a year now. I know for a fact that you can reassign pre-foreclosures. The thing is finding the ones with equity in them so that the investor doesn't have to worry with doing a short sale. Short sales are a hastle and not too many investors will want to bother with them. When you've left a very empathetic letter for the home owner and finally speak with them, do more listening than talking. Then you will show them that you want to help them and ask them the questions from page 226 in Dean's book "Be A Real Estate Millionaire"...Good Luck!