i have found a nice foreclosure where the owner is very willing to sell.
my questions are.
can a foreclosure property be purchased using the subject to method and contracts and wholesaled to an investor?
also, if an investor can not be found to sell to can the contract be canceled if the wording and/or assigns or subject to finding a buyer is in the subject to contract?
thank you for your advice.
Are you talking about a preforeclosure?
yes, he is 3 payments behind and received a notice of a pending foreclosure.
Someone may need to bring the back payments current up so the property doesn’t end up on the courthouse steps while you look for a buyer. A lot depends on how long the foreclosure period is. You need enough time to find a buyer if you don’t intend on bringing the payment current.
You can tie the guys property up with a contract and use the assign weasel clause to get out of it if you don’t find a buyer but you sure haven’t done the right thing by the owner. It woudl be better for everyone if you have a buyer before you tie up the property.