I work on foreclosure deals and the homeowner is also working with others also. I realize that they are desperate and want help from anybody. My question is how can I assure myself that I am not wasting my time working with them just for them to close the deal with someone else? I have a few other questions also:
Can I charge them a fee and put a lien on their property so, if they close with someone else I will be compensated for my time? I would make them aware of that up front!
foreclosure pepole just want the problem to go away and whom ever can do this gets the deal if you have no contract of any kind in place with them they are very free to seek help where ever they can and will if you get a say buy contract in place for 30 days then if they sell to some one else then there is a problem but as i said if you have not one contract in place and then all you really are doing is giving advice on the matter
a possible way to help not have this trouble would be to get abuy contract in place in the start if all looks good and then help the owner to get aforeclosure bailout loan and then you assume it in your buy contract and they have a problem solved and you have a new investment and more than likely with no or very little fixing up to do if you would like any more help or ideas contact me
I try to get a purchase contract signed along with the LOA on the first meeting. If I ever suspected that the HO is wanting to go elsewhere for no good reason, and if I have a lot of time invested, I could file an affidavit with the recorder’s office simply stating that I have a purchase contract with the homeowner for X number of days (usually 180). This “clouds” the title. It may not be 100% bullet-proof but it does stop the average investor from being able to buy if they ever open title. It is a cheap insurance policy if you have a lot of time or money invested.
Luckily, I’ve never had to do this because I am incredibly charming and persuasive 8) 8) 8). Just joking on the charming/persuasive comment.
hi REALESTATE,
Can you please clarify some more ? For instance:
Which lender or where do you go to get a bail out loan ?
Is collateral required for bail out loan?
Do you use NAR purchase contract or your own agreement ?
First off bailout loans are all over the place, if you like i can tell you of the one i use but he not in all 50 states .
Second as far as your purchase contract or some type of agreement any will work as long as your as they say but is covered !!! This would be the short of it if you would like more information and to talk more on this message me and we can go from there . But i think i may be able to help you more if i were to know just what you were looking to do in your deals ??
YES this is true !!! but as i said he is not working in all 50 states but i would be more than willing to talk or work with any one who would like to work with him i can make the referal !!! as well he can do many other types of loans !!! with low fico scores
message me and we will talk as i need to know a few things befor hand . As i dont just hand out information like that with out being pretty sure it will be of good help
Are there some kine of layout on the process of dealing with foreclosures? For example:
-get HO interest in the assistance I can offer
-secure the transaction with a contract
-find the their financial problem
-solve their financial problem
Yes this is a general out line but has the things that need to be covered for sure !! But make sure you have ways to solve there troubles or all is for not !!
