myEmpirePROQuestion – “once a house is in foreclosure their isn’t anything we can do with it❓”
YES. Once a house is foreclosed on, you cannot deal with the original owner/seller anymore. However, it’s a different story when deal with pre-foreclosures, which mean the title is still on the owner’s name.
IF It’s only in pre-foreclosure stages, there are tons of real estate investing profits to make from wholesaling real estate in pre-foreclosures. But here are 7 things to note.
1. Motivated Seller
This is non-negotiable. The seller needs to score very high on the scale of motivation. Once you can achieve that, we can basically do everything and make even more creative money.
2. Sales Contract
You need to secure a regular sales contract at the prices just like a normal deal. The price needs to typically be below 65% of the after repair value less the estimated cost of repair.
THE LAST 4 STEPS ARE ONLY NECESSARY TO DETERMINE IF YOU ARE DEALING WITH A PRE-FORECLOSURE.
PLEAS WATCH THE VIDEO FOR FULL UNDERSTANDING
3. Equity (Full PayOff) or Not (Shortsale)
4. Authorization to Release
5. Proof of Hardship & Hardship Analysis
6. Brokers Price Opinion
7. LLC Transfer Exit Strategy
