PLEASE TELL ME IF THIS IS THE CORRECT ORDER OF PROCESSES TO GO THROUGH IF YOU ARE EITHER WHOLESALING OR BIRD DOGGING A PROPERTY IN PREFORCLOSURE.
- LOCATE DISTRESS PROPERTY, APPROACH OWNER TO SEE IF THEY ARE
INTERESTED IN SELLING. - FIND OUT DETAILS…HOW MUCH THEY OWE ON MORTGAGE, HOW MUCH IN DEFAULT IF APPLICABLE…HOW MUCH THEY ARE WILLING TO SELL FOR IN ORDER TO GET THE PROPERTY OFF OF THEIR HANDS.
- ONCE YOU HAVE THE PRICE THEY ARE WILLING TO SELL AT, FIND OUT THE MARKET VALUE IN THE AREA, AND DETERMINE THE AMOUNT OF EQUITY THAT WOULD BE IN THE HOME.
4)LOCATE A BUYER
5)NEGOTIATE WITH THE OWNER, GET THEM UNDER A CONTRACT FOR A CERTAIN PRICE (TAKING YOUR PROFIT INTO ACCOUNT WHEN COMING UP WITH THE PRICE IN THE CONTRACT). NEGOTIATE TERMS IF THEY WANT CASH…EITHER GIVE IT TO THEM, OR ASK IF THEY WILL TAKE IT IN A NOTE TO BE PAID WHEN YOU SELL THE HOME. MAKE SURE YOU ASSIGN THE CONTRACT TO THE OTHER BUYER.
6)THE OTHER BUYER PARTICIPATES IN THE CLOSING…YOU MAKE YOUR PROFIT?
AND IF YOU ARE JUST BIRD DOGGING YOU JUST DO STEPS ONE AND TWO, AND THE INVESTORS YOU FIND THAT WANT THE DEAL WOULD TAKE OVER FROM THERE CORRECT?
WHAT I AM NOT SURE ABOUT CONCERNING BIRD DOGGING IS THIS…IF YOU ARE LOCATING A DEAL FOR ANOTHER INVESTOR, HOW CAN YOU APPROACH A DISTRESSED PROPERTY WHEN YOU AREN’T EXACTLY SURE WHAT STRATEGY THE OTHER INVESTOR WILL WANT TO USE TO CLOSE THE DEAL. HOW CAN YOU GET THE PROPERTY OWNER TO DISCLOSE ANYTHING TO YOU, WHEN YOU CAN’T GUARENTEE THEM ANYTHING YET.
:help: ???