Hello to all,
My first post!!! yeah!!
After reading two of Deans awesome books (in a week..lol)and reading countless post, I'm going to ask of someone's advise on the many options that can be used.
I am excessively eager to start now.. My situation is pretty much the cookie cutter of most newbie's whom post.Bad credit,no capitol,no extra money(but willing to risk some monies for the right reasons..(robbing Peter to pay Paul)or (Beg, steal, and borrow..lol).
I'm interested in working with pre-forclosures, fsbo, hardships. My question is this.. What are all the options that I can give the homeowners in these tough situations as far as what I can do for them.
For example (I know some but not all) please correct me on terminology and/or processes if possible.
1. Offer them a "Subect to" current mortgage
-use a "Quit Claim Deed"
-get a title search
-contact the bank(on owners behalf)and letting them know you are going to catch up and make pmts.
-immediately rent with option.
If no good, Do your DG investigation, make "the" offer and if accepted,
2. Do an I.E.E.
-Lock up on contract
- use purchase and sales agreement with escape clause, earnest money check copy or promissary note, investor disclosure form and property disclosure form. and give to closing agent.
- Find a buyer which you can get approved through your broker.
- Use Discharge of Agreement form with seller so you get paid your upcharge which you stated on the Investor Disclosure.
- Rip up purchase agreement
- Set up new buyer with seller
- They fill out new purchase agreement.
- Work with both until closing.
3. Do an assignment.
- use purchase and sales agreement with (and/or assigns in buyer and signature lines), escape clause, earnest money check copy or promissary note, property disclosure form. and give to closing agent.
- Find an investor (if don't already have one).
- Sell your purchase agreement to the investor for an agreeable amount
- Use Assignment of Contract form.
- Introduce investor to seller and allow them close transaction.
Is there any other options or processes which I can use without credit or large cash???
Apologies for the excessively long post. Want to make sure I got it down packed. (Like I said eager to start now...lol). Been wanting to do this for a very long time.
Any other newbies feel free to take notes on the outlined version. Hope this helps. (just make sure it's correct...lol).
"See you all at the top"