I,m not short about everthing is true and legal, because i ask a person about preforeclosure and whole sale if is legal and that person say to me, this ilegal don't get it luis........
title serching homes will only cost you time or money.Get the property under contract or signed over to you first. Then ask the home owner any questions you may have.If they don,t help you with all you need a short sale will be impossible and you will waste your time and money.Once under contract or as in most cases deeded over to you for one dollar get wrighten permission from the owner to talk to the bank in their behalf.The bank can help some times with others named in the foreclouser.
If you purchase a property at a sherriff's sale and it has not been foreclosed on. Have you bought the property with the leins intact, correct?
And you assuming their liens
Also if the original owners are still residing there do have to evict them.
Assuming you cannot work a lease back or something.
Hello. I have found a home that i am very interested in that is pre forclosure. I have also found a few that are REO. How do I go about coming up with an appropriate offer? Should the offer be lower or higher than the price listed on the internet? thanks.
Search county records to see how much they paid when they bought it. Some people did 0% down, but most probably have 7% - 20% down payment. Preforclosure are often in trouble though because the price the house will fetch puts them negative that they can't afford to pay the bank the difference from the loan.
It's hard to say. Do comps and see what they paid. If they paid say $200k for a house a few years ago, but they are selling in the comps for $250, they can afford to sell for $200 or less and you would have a good deal. Doesn't mean they will, but that's how you start to see how much of a discount is mathematically available.
With REO's you will get a discount, but it varies so much depending on how desperate they are to liquidate.
Good rule of thumb until you are a pro is lowball, lowball, lowball... in a market with low supply this doesn't work. But right now, if you lowball enough deals you're bound to eventually get one at a discount enough to make you jump up and down.
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Generally the bank will be able to give you all the info if they are already foreclosed.
I,m not short about everthing is true and legal, because i ask a person about preforeclosure and whole sale if is legal and that person say to me, this ilegal don't get it luis........
title serching homes will only cost you time or money.Get the property under contract or signed over to you first. Then ask the home owner any questions you may have.If they don,t help you with all you need a short sale will be impossible and you will waste your time and money.Once under contract or as in most cases deeded over to you for one dollar get wrighten permission from the owner to talk to the bank in their behalf.The bank can help some times with others named in the foreclouser.
If you purchase a property at a sherriff's sale and it has not been foreclosed on. Have you bought the property with the leins intact, correct?
And you assuming their liens
Also if the original owners are still residing there do have to evict them.
Assuming you cannot work a lease back or something.
Hello. I have found a home that i am very interested in that is pre forclosure. I have also found a few that are REO. How do I go about coming up with an appropriate offer? Should the offer be lower or higher than the price listed on the internet? thanks.
Search county records to see how much they paid when they bought it. Some people did 0% down, but most probably have 7% - 20% down payment. Preforclosure are often in trouble though because the price the house will fetch puts them negative that they can't afford to pay the bank the difference from the loan.
It's hard to say. Do comps and see what they paid. If they paid say $200k for a house a few years ago, but they are selling in the comps for $250, they can afford to sell for $200 or less and you would have a good deal. Doesn't mean they will, but that's how you start to see how much of a discount is mathematically available.
With REO's you will get a discount, but it varies so much depending on how desperate they are to liquidate.
Good rule of thumb until you are a pro is lowball, lowball, lowball... in a market with low supply this doesn't work. But right now, if you lowball enough deals you're bound to eventually get one at a discount enough to make you jump up and down.
how do i get to start? i haven't got book yet, but wait for my order..
It's any seminary whit Dean or gruop where I can go and find more information real estate I'm white plain N Y please let me kwon thank you LUIS