OfflineHi everybody. I WOULD LIKE SOME ANSWERS PLEASE,TO:
QUESTION #1.
On foreclosures, when the deal is agreed upon and everything is signed, do u still have a closing with the people that are in foreclosure or, if that's not right, how does that work?
QUESTION #2.
How do you deal with the bank, if at all, on this type of situation, meaning a mortgage foreclosure if the people r still living there that u r making the contract with: do u only deal with the home owner, or do u have deal with the bank also?( I think you would if you found a buyer) I'm not sure about the facts,yet.
I love what Greg Murphy is doing with this and want know more.....
There is so much stuff on here- I truely am a "KID IN CANDY STORE !!!"
THANKS SO MUCH, ERSIE
Is it pre-foreclosure or a shortsale? Are they behind on payments?
You deal with the owner and buy the house from him/her.
Hopefully, someone will add to this or correct me if I'm wrong.
Leilani
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If it already in foreclosure, the bank owns it and you deal with them through the realtor. If it is a lead directly from the bank, of course, you would deal only with the bank. Hope this helps.
Shirley
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You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
This is one of those foreclosure list that u can get that has the auction date on it- I understand that if the people aren't living there, that more than likely you would be working with the bank or realtor. But if the people ARE still living there and it's before the date of auction, and they have not been removed --(and not a short sale) then can I still work with home owners instead of the banks?
Thanks for any input...I do appreciate it.
If there is already an auction date, you are treading into dangerous waters trying to do a L/O. You will have to get enough to pay all the monies owed plus something for you for doing the deal.
If you don't get everything done exactly right and timely your new tenant/buyers are going to be getting a notice from the bank or the new owners that have purchased it thru REO telling them to vacate. You will have to reimburse their option fee and they are going to be ed! They may even expect you to pay their moving costs. AND you just lost a good T/B, cuz you can bet they won't do another deal with you! IMHO, I don't think it is a good idea trying to do a L/O in this situation.
I think when Greg was doing them, they were behind, but not necessarily to an auction date set already. Could make a big difference.
Karen
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Thanks for all the help and the advise. There r so many options to choose from (or ways to go).
Ersie