Questions about Pre-Foreclosure

The price of the foreclosure is less than the original loan amount if they are upside down. If they bought the propety a long time ago maybe not. It could be other things happening to them, job loss, medical bills, divorce, etc.

Our partner told us that he could stop a foreclosure up to 1 week before the bank forecloses.

You could send a letter to them or if they are still living in the house you could knock on the door and talk to them.

I wish you the best with this.

Lea
SPR Property Solutions, LLC

Thanks Lea!

I'll try to write up a letter these two days then drop it in mailbox of the houseowner. Later, I'll need your help to learn how to fill out the "contract for the sale of real estate". Can I sign the contract along with the house owner, or I should have an agent with me?

Regarding your service to stop the foreclosure, can I do the assigment on this as my exit plan. Just try to think ahead of what options I got here.

Wish my luck! This will be my 1st step out the field.

-Kathy

I'm not sure what you mean by "contract for the sale of real estate." If the property isn't listed with an RE agent you can work directly with the homeowner to assign the property. If a REA is involved then the owner will have to pay them their commission unless they get out of their contract.

When our partner begins the paperwork for the SS he makes it clear to the homeowner and the bank that he will be buying the property OR passing it on to another investor and making a profit at closing. It's all up front. In the cases when he buys the property himself he does a LO.

Kathy, you have probably read this 1000 times already but just in case be sure to have a strong buyers list and keep building it.

I wish you the best with this.

Lea
SPR Property Solutions, LLC

Most of the questions you have are in Dean's books. To protect yourself, I would recommend you read the books first before entering into contract with the home owners

Good luck.

Hi Lea.

I've found these two pre-foreclosure from Google. All listing has foreclosure price eg. 50k for the first property. On the other hand, it also shows it's listing from realstore.com Therefore, in this case, you mean this property will have agent that I need to work with rather than to the owner directly.

The "contract for the sale of real estate" is the form from Dean's latest book.
I'm not sure how to fill it up properly; therefore, I wonder if anyone can show me how to fill it in. I believe this is the form I need to secure homeowner, so I can go on to do the assigment to others.

I don't have cash and just a beginner, so I plan to assign it away and make a small income quick, or do a double closing would be even better.

I'll keep you post if I get a chance to speak to the home owner.

best regards,
Kathy

Thank SoCalREI. I'll go back and review the section, but I'm still a bit scare on how to fill up the form. Anyone here can show how to fill out.

Once I take to the home owner, I should fill out
1. contract for sale of real estate
2. Authoriaztion for Release of Mortgage Information
3. Memorandum of Option

Is this the list form that I need to sign with the house owner before I bring the buyer in picture.

Thanks,
Kathy

Thank SoCalREI. I'll go back and review the section, but I'm still a bit scare on how to fill up the form. Anyone here can show how to fill out.

Once I take to the home owner, I should fill out
1. contract for sale of real estate
2. Authoriaztion for Release of Mortgage Information
3. Memorandum of Option

Is this the list form that I need to sign with the house owner before I bring the buyer in picture.

Thanks,
Kathy