Hello DG Fam,
I've been focusing on FSBO's for my deals and I just came across a website that's loaded with pre-foreclosures. I contacted my agent and let him know that I just came across a site that has tons of pre-foreclosures and I would like him to contact the owners for me on any property of my choosing and see if we could get them under contract.
He said that these properties can't be assigned because for one, the homeowner is frantically trying to sell so they can pay off the mortgage company so their credit won't be further hurt and they're probably listed with an agent and that agent is listing it as low as they can to get a sale asap (which includes trying to short sale it). He also says that the other scenario is that the homeowner has just abandoned the home and doesn't care if it's foreclosed on and once the home is advertised to be foreclosed on, there is a lender involved which is usually a bank and they won't like contracts contingent on me finding another buyer...uhh?? I'm quite sure I read this in "PFRERN" that it could be done.
The only problem that I see with these pre-foreclosures is that they are all listed 1 month before they go into foreclosure, which is understandable that I might or might not find a buyer in time and if I don't, then I can't get an extension from the seller. What I want to know is has anyone done assignments on pre-foreclosures and had problems with the lenders?
I looked up pre-foreclosures 0n page 123 in "PFRERN" and I didn't see much info on this but i'm quite sure I read it somewhere in "PFRERN" which says it can be done. If you've been assigning pre-foreclosures successfully, your feedback would be highly appreciated...thanks.
"A Winner Never Quit And A Quitter Never Win!"