I have been closely watching home prices in my local market and over the last two months they are...

Any ideas out there on how to obtain a preforeclosed home with bad credit? I'm giving myself a headache from creative thinking. No break-throughs. By the time my credit is better, I think the market will enter the "up" cycle.

Please advise!!!

it's called LEASE OPTION...SULLY.

If the owner is in pre-foreclosure...Wouldn't that delete a lease option due to time constraints? Please elaborate. Tks

If the seller is in Pre-foreclose then that means they have a very small amount that is owed toward the home as compared to the outright purchase price. Lets say they are 10K behind and have received notice. You can do one of a few things but for the sake of conversation lets say you want the house on lease purchase. You offer to pay them the 10K need to get them out of foreclosure as down payment on the lease purchase and you take over residence. You will then pay the mortgage company what ever note they normally pay with maybe a couple hundred dollars over to go into an escrow account towards down payment, to be there when you exercise the option to purchase.

They now still have their credit in tack. Can take the money they were paying for that house and now go get one more affordable and still have the house as an asset in financial. You will now be paying that note on the house and now everyone has what they want.

I hope that was not too long of an example for you.

how can i find investers in my area and is there a study sheet on what needs to be asked or some type of paperwork to go by? where do i find some help in this matter?

Look under forum and you will find a section for Local Networking and Discussions. Post there for local assistance or else utilize the forum to find answers to your questions from others that post there.

Hey everyone, I was looking in one of those real estate books and saw this nice townhome for $100,000 and the seller says he will pay for the down payment but if he does that wouldn't I still need to get a loan for the total of the home? It's isn't going to be a fix and flip or anything like that, it will be for my own personal residence. I have really bad credit and don't know what to do, I can use some assistance on this matter. Victor

yes you would. The owner may be willing to pay down payment to ensure sale and also to get complete asking price without negotiation. You are still responsible for finding financing but maybe he would let you do a lease purchase or 100% owner finance - you never know till you ask. Good luck

People , let me tell you this is a hard business to break into. We have been out offered, out bid and even working with a realtor have been both unfairly and illeagally treated in an offer situation. We are fighting frustration at this point , but know there is money to be made in real estate so we are pushing forward. We are not just sitting and waiting , but are out working our area constantly. Our lenders want more equity in homes than we can find. Homes with equity in them are getting low due to investors bidding them up to very little equity. But we are still in the ball game. Not quiters

You've got the right spirit! You'll get your breakthrough, and it will just keep getting easier. Way to go!!

Rina

my wife's 48 yr. old cousin, who is a single mom and had under gone (2) brest cancer operations and mounths of kemo. she was unable to work full time for some time. she got behind on her house payment, i cought her up once with a ck for over $1000.. she got behind agen due to being unable to yet work full time. now she is working full time but Country Wide, even with letters from her Doc's, thay still want to foreclose.
she has about a week. is there any advice anybody can give me to try to help?? the bal. is about $60.000. i just got the book but thought i would ask someone that has had some experance at this.

Bill,

Give us some more info. Is she wanting to sell the house to get out from under the bill, or are you wanting to try to keep the house? It would help, also, to know where she is located.

Hi,
I am a mom who works from home and bought book to change my financial situation. I live in Cali where the market as you all know is extemely outrageous however right now it has decreased and for sure a buyers market. I have read the first part of book so far and I am sooo lost. I need someone to help me basically walk me through it. I know a lot to ask. However if there is anyone out there who is already successful at this and has time to perhaps teach/me your protege. Please help. I have great credit and have great partners that are willing to invest with me. My husband, self, and father. Please help. My main stump right now is the assigning a deal/ you know "using other peoples money" idea. If anyone could help, I would so appreciate.
God bless

Looks like you are in a very similar situation as myself. It's actually a very nice place to be. (My husband & I have been investing in RE for 15 years). Unfortunately I have no experience in assigning deals and I'm also in a VERY different part of the country, but if I can help you with anything I'm familiar with, I would love to.
God bless.

Sincerely,
Rina

I would love your help.
I am glad to hear from you.

I have so many q's.