which is better preforeclosure or foreclosure?

I am assuming this is a rental property and the owner doesn't live there. As you structure the deal with the owner make it contingent on the fact that the owner has to have the place vacant before you will close. I have done that a couple of times. Make sure there are new locks on the door after the eviction is final. Don't wait for the foreclosure. Offer the owner a short sale with the bank, that should help his credit from being damaged as bad. Good luck.

i am new at this i need advice i found a home tax value is 107000 has had 10000 in upgrades good location good comps but i dont know how much i should offer to make a good deal i would really rather assing this i do know a couple of investers so if i sale info dont know what would be possible deals example if a home is worth 100000 whats the lowest i should pay or the most would a invester pay for me to pass on the deal i would rather whosale now without much experience and no money please give me advice on this plus guidance on wholesaling and if thats a good way to go starting out thanks newone

Assignment is the lowest risk just starting out. Even though the house sounds like it's in good repair. I would still figure in holding cost,repairs,closing cost,etc. An automatic 30% discount off the top and then figure your expenses in on top of that. That would be a fair price to offer the seller. You can always adjust it if you can't find a buyer to match your offer. In most cases the seller will be fine with that. If the seller is truely motivated. Hope this helped. Good Luck.

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I just found this beautiful home that was put on the market last week. The owner is elderly, her children have just moved out of state and she's set up to be moving into an elder assistant home. She says the house is to big for her. And dean when i saw beautiful i mean beautiful. the asking price 628,000.00 The listing agent is asking for 7,500 with preapproval from the bank. I'm presently working on the comps and would like to use the lease with the option to buy. what do you think. Oh yes i'm looking at this house for myself to live. i have a good credit score but with my present income i wouldn't quailfy for the amount. However i just opened my owen business and invested in your book so i give myself less than a year to beable to purchase the house out right. I'm very motivated and look forward to becoming your next success story

There is currently a home on the market listed for 94K. I have an investor that is willing to purchase if he can get a portion of the equity to do modifications to the home at closing. Currently the comps in the area are appraising at 125K. Is it possible for the investor to finance the home at the 125K amount...pay the asking price and use the other 30K for rehab? If so, how should this be done. I am new to this so just want to ensure that I cover my bases.

Thanks for any advice

The answer to your question is "maybe". But first, if you buy a home that the comps are showing it to be worth 125K and after you make the repairs, you will have 125K invested in a home worth 125K where is the bargain? Or maybe you mean that the house won't take $30K to get fixed up. It will only take say 10K and investor will get to keep the rest for himself? I don't understand what you are trying to put together but it sounds a little risky. To answer the question about getting cash at closing that is possible, I have done it many times, but to get all of the equity at closing that will be tough. The bank looks at it like this, you will have a house and $30k and there is no equity left, what is to keep you from just walking away from the house with the $30K? It is a very risky position for the bank. In fact that is one of the causes for the current mortgage crisis. You could get upto about $6000 back at closing though without too much hassle if you talk to the right mortgage broker.