I’m a bit confused on how to wholesale a pre-forclosure. I have access to pre-forclosure properties. Since notice of defaults have been mailed so do I contact the owners or the banks at this point?
If I make the max offer to the owners they’re still going to be upside down in the their loan because my offer will not cover the original or loan amount due. If I go directly to the bank ( with authority of the owner), wouldn’t this be considered a short sale and do I want to go forward with it if I don’t have a buyer/investor yet? :banghead I’d appreciate any help at this point as I am very frustrated. Thanks!
If you have properties already in pre-forclosure, and have a notice of default i would think at this point with the owner consent you should be able to negotiate a short sale with the lender! I’m not sure if this make it a wholesale deal or not! One of my clients is a forclosure specialist!
Thanks Six! I think you’re right. At this point it would be a short sale and would have to negotiate with the bank. Don’t see any other way around it. I’m hearing banks aren’t negotiating with investors AT ALL! Has anyone else heard the same? Can’t know until you try though. Thanks for taking the time out to reply. I really appreciate it. :biggrin
Now are banks giving investors “negotiating hell”?? Some are and some are not. It’s all about the skills you have in negotiating and also how desperate the bank is… or maybe what mood the loss mitigator is in… :rolleyes