Donna Palmer

Excited about this site!

Any detailed advice on how to obtain a home with bad credit? Do have descent paying job. (for 3 months)

Any lease option advice?

thanks.

hello donna, i recieved your e-mail, i guess first we will talk about the PRE-FORECLOSURES:here are several ways to FIND them; LOOK for motivated SELLERS, watch for AD's that say: MUST SELL!!, or anything that sounds motivated. (2) go to your county court house and ask for the LIS PENDENS: which means people that are being sued by BANKS, you will want to send these people some kind of letter for them to call you.(3) just look for plain old DISTRESSED PROPERTIES and find out who the homeowners are and send them a letter also.

RE-AASIGNS: In order to get paid for RE-ASSIGNING a property to another investor, you will first need to "LOCK IT UP" meaning: get the property under CONTRACT with you, lets say you find a PRE-FORECLOSURE and you and the homeowner strike up a deal, you and the homeowner will need to both sign a AGREEMENT TO PURCHASE CONTRACT, with the proper CLAUSES with an close date of 60-90 days,thats how much time you have to RE-ASSIGN the property to another investor. CLASS DISMISSED,SULLY.

"what do you do if you cant find a buyer for a ASSIGNMENT OF CONTRACT?" Do you have to close?

ANSWER: This question is a good one, this is exactly why the wording in your contracts is vital, you "protect" yourself by making your offer "CONTINGENT UPON THE BUYER OBTAINING FINANCING SUITABLE TO THE BUYER". This contingency is a GREAT one, because it's a way to exit the deal without penalty. Your probably wondering, yeah but, how does that apply to me not being able to find a buyer in enough time? This contingency IS relavent, cause all you need to do is apply @ one bank(lender) for financing and just say that the "TERMS" were NOT suitable for you, consequently your now "FREE" from the contract. YOUR HERO, SULLY.

i think your question here was "Do you need a PRE-APPROVAL LETTER in order to put an offer in even if your going to RE-ASSIGN?

ANSWER: Yes and No, hhmmmm, the reason why it's both is because, on MOST deals a PRE-APPROVAL LETTER is NOT required to put an offer in, now the other deals that do require the PRE-APPROVAL LETTER are going to be Bank Owned(REO), VA, HUD, AUCTION PROPERTIES. If you have any other questions, just ask....YOUR HERO, SULLY

Just returned and plan on staying as I was laid off from a job that required a 70 hour work week. That combined with raising two teenagers didn't leave much of me to attend this wonderful site!

You are so forthcoming in answering questions "clearly". This site would not be the same without you!

To everyone...
I was at a garage sale (I'm buying and resaling on internet) and I found a great pre-foreclosure opportunity for assigning. Couple of ?'s for anyone to answer...1)Where do I find my investor? Anyone reading this want a great return...let me know. (I'd buy it myself, but still working on cleaning up credit for best interest rates and I'm broke!) Anyway, 2) I'm not real clear...Do I use two separate documents? One between myself and seller and then the 2nd for/between myself and investor? At closing, is my profit disclosed to my investor or anyone else for that matter? Or would this transaction require two different closings? If so, how does that work, being that I have no money? You seasoned RE folks...pls advise!!!
Thanks so much. Glad this is now my job. Getting laid-off (I think) was a "Blessing" in disquise!

Later...

I didn't realize the above was something I wrote over a year ago.

My point is....I know the answer (and more) to this question I posted! Was going to answer thinking I was helping someone else! LOL

I've learned a "tremendous" amount since then!! YEAH!

IN S.C. PROPERTIES????? YOU'RE IN THE RIGHT PLACE. Please leave a post as to what you invest in......

Also, anyone with great properties for investor's to consider....please post here.