getting started in pre-foreclosures

---

Posted by dc-indiana on December 15, 2002 at 22:59:56:

first of all, my greatest thanks to any who read and reply. i have been buying and selling properties for the past two years and would like to get into pre-foreclosures. the problem i've had is when i buy a foreclosure the house is trashed, and the bank takes it's time approving my offer, as you all know time is money in real estate. thus the reason for getting into preforeclosures. i am hoping to find the people before they trash the home. that way i can buy the home on land contract, first paying off what they owe in deliquent payments then giving them an appropriate sum to release the remaining equity via land contract or some other way you may suggest. is it even legal for them to sell to me on land contract? i hope to sign people up on 1 or 2 year contracts with a ballon payment due at the end. of course i hope to flip the property and sell within 6 months and go on to the next deal. if anyone can help me with their advise i will appreciate it. thanks.

Follow Ups:

• Re: getting started in pre-foreclosures - Edward Nolan (Ohio) 02:49:03 12/16/02 (4)
  • Is it fair?? - Ward-CA- 10:02:35 12/16/02 (3)
    • Are you kidding me? - Edward Nolan (Ohio) 00:49:54 12/17/02 (2)
      • C'mon, you know I'm not kidding. - Ward-CA- 11:10:48 12/17/02 (1)
        • Judegement calls. There's always those who complain - Edward Nolan (Ohio) 11:18:40 12/18/02 (0)
• Don't use a land contract... (url) - Ward-CA- 02:32:21 12/16/02 (0)

---

Name    : 
E-Mail  : 
Subject : 

Comments:
: first of all, my greatest thanks to any who read and reply.  i have been buying and selling properties for the past two years and would like to get into pre-foreclosures. the problem i've had is when i buy a foreclosure the house is trashed, and the bank takes it's time approving my offer, as you all know time is money in real estate. thus the reason for getting into preforeclosures. i am hoping to find the people before they trash the home. that way i can buy the home on land contract, first paying off what they owe in deliquent payments then giving them an appropriate sum to release the remaining equity via land contract or some other way you may suggest. is it even legal for them to sell to me on land contract? i hope to sign people up on 1 or 2 year contracts with a ballon payment due at the end. of course i hope to flip the property and sell within 6 months and go on to the next deal. if anyone can help me with their advise i will appreciate it.  thanks.


Optional Link URL : 
Link Title        : 

Foreclosures Section

Foreclosure Help

Foreclosure Investing

Real Estate Articles

Our Site Resources

Discussion Archives