If you get a foreclosure under contract what is the quickest way to sell it seeing as though the foreclosure date comes so quickly?
most banks will not allow you to buy “as nominee”…
either you get an investor with cash who gives you the cash up front…you buy it and close, then close it again with him/her for a profit.
or
you obtain financing or pre APPROVAL before you put in a bid.
or
you have the cash and close it. fix it up (or not) and put a sign on it and sell it or shop it to a buyer who’s lined up already.
alot of banks will require at least pre-approval or proof of funds in order to consider any offer.
if you have no history with a bank, the chances of them working with you is slim at best for anything creative.
banks are all about TIME and MONEY - and they do not like to waste either.
additionally - just to give you an idea - i had cash and credit and i put in an offer on a property that was falling into a sump…subject to a civil engineer inspection and report…
they simply denied me with no effort - and my offer was not ridiculous or silly…
You mean how do you sell a property that is in preforeclosure…hence the quick approaching foreclosure date. Why not buy it subject 2 ? No credit required. Sell at your speed because you have title now and foreclosure is no longer looming, Does that help, Darin
When you say buy it subject 2. Do you mean taking over the previous loan paying that same amount the previous owner was paying? What if they were paying too high of an interest already?