Pre-foreclosure/ Probate Deal

General Real Estate Investing
1

hey guys,

I just got a call this morning from a guy who’s house is going into foreclosure next week. He said he is not the owner but the power of attorney on the property because his mother died last year and she was the owner. He said the bank will not talk to him at all because he is not the owner. I plan on getting the death certificate and the power of attorney documentation and sending it over to the bank today. The guy also told me that he would sell me the property if i could get the foreclosure stopped. The thing is when I went to the website to see when the foreclosure was going to auction it said it was cancelled!!!
The homeowner does not no this and I do not plan on telling him, but how should I go about getting it under contract in this situation? What do I need him to do? The property is in DC.

Thanks in Advance
Everyone.

2

Why would you not let him know that the foreclosure has been cancelled? Find out why and figure out a win win situation for you and the seller. It seems to me that you are trying to make a deal by taking advantage of the fact that he does not know about the situation. I do not think that is right. I just listened to a seminar last night on how the Foreclosure laws have changed in Maryland, I would think that includes D.C., not sure. You have to be careful that you do not take advantage of him and he finds out and then it turns out that you get in trouble. I am sure he still wants to sell it, does not mean he would not negotiate a deal if he knew that it had been cancelled.

Good luck,

boricua00

3

No No I am going to tell the homeowner about the cancellation I just wanted to wait and make sure that he wanted to deal solely with me before I told him. He called me with a lot of urgency based on the fact that the foreclosure was coming rapidly. I have since built the credibilty with him and we are now moving foward. The last thing I will do in this business is take advantage of people. It is to much money to be made in treating ppl fairly for me to risk my reputation or live with a guilty heart.

Thanks boricua!!!