I see the forclosures in the papers about upcoming sheriff sales. I know a little about short sales, but have never actually gotten on accomplished.
I am looking to find the best/easiest way to get the home from the homeowner before the sale.
Aside from knocking on the door, what things do I need to do. I do not want to know on the door, do a convincing sales job and not know how to actually pull it off.
Any and all help is appreciated.
Thanks
Sorry about the typos from above. After gaining the trust of the homeowner, what else needs to be done to finalize this purchase.
Who do I contact, what forms, etc.
Is this just a standard sale? How does this work?
stay away from sheriff’s sales. Everything is as is and you really cannot do a thourough inspection of the property or products.
Besides, everyone and thier grandma goes to these auctions now-a-days since everyone is writing books on how to make money going to these auctions.
If you want foreclosed properties then try finding houses that are just in the beginning of default (foreclosure), then negotiate with the bank to sell you the mortgage or sell you the rights to buy it after it is foreclosed.
It is back to how do you determine if the seller is motivated to sell to you.
Even before that you have to determine if you have the resources to solve the problem or are you just tying it up in hopes of flipping to someone else.
It can be as easy as having them sign and record a deed then paying the sheriff what is owed.
It can be more complicated if there are title problems, like other liens or persons involved.
It is also not going to be “negotiate with the bank to sell you the mortgage or sell you the rights to buy it after it is foreclosed” More likely it will be cure the default and buy subject to or flip to a buyer that has the resources to pay off the loan.
Forms and details are best left to case by case and help from someone that has some experience.