Can you buy a preforeclosure subject to ?

General Real Estate Investing
1

how is this accomplished? i know there are laws in some states against foreclosure consulting, but not if you wanna use the house as a primary residence after acquiring it. soo, what are the steps involved in doing a deal this way?

2

Usually if a home owner is in preforeclosure, he can stop the foreclosure by bringing the payments up to date.

I suspect that a lot of owners in preforeclosure would love to walk away unscathed. So if you have enough cash to bring the mortgage back up to date, it shouldn’t be too hard to find someone to do a deal with you.

Once the mortgage is current, it would be just like any other preforeclosure deal.

3

i know of some homes in preforeclosure. i cannot find the property owners name in the white pages, etc. do investors approach homeowners PERSONALLY by cold calling?

4

Yes, you can buy preforeclosures ‘subject to.’ Before you make your offer, you need to see the most recent mortgage notice, call the foreclosure attorney’s office to verify the amount to cure, inspect the home to determine costs to clean up for resale, then add all that up and offer to rent a UHaul Truck for the day to get their ‘stuff’ out of the house. That’s what works for me.

Hope that helps.

5

1.ok, would you approach the homeowner FIRST, then get authorization to check with the attorney on the amount to cure? is their a particular FORM you use for authorization, etc?

  1. when you approach the homeowners, give me a basic idea of what you say to get the deed in a foreclosure situation? do you approach them by a cold call on their door or call first? its hard to get in touch with lots of them over the phone.
6

Hello

Make certain you follow your state laws regarding grabbing a deed when someone is in pre foreclosure…

BTW I like having sellers call me over me calling sellers… Works better… As for how to convince them, that takes a little training…

Happy house hunting

Michael

7

You certainly can take these sub2.

just make sure you are all above board when disclosing the risks involved- such as loan staying in the seller’s name, such as the loan possibly being accelerated etc.

Have them sign sign sign so there is no way this comes back on you.

Dennis