Buying Preforclosure or wait until REO? - Posted by David

Real Estate Investing Vacation Rentals
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Posted by David on November 17, 2005 at 19:25:09:

Rob,

Didn’t think about that.

I already know the property owners. What would be your first step in beginning the process? I have bought several from FSBOs and Agents, but this is first Short Sale. Just don’t want to mess up on my first one.

Thanks

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Buying Preforclosure or wait until REO? - Posted by David

Posted by David on November 17, 2005 at 13:35:34:

I am looking a a house that my relative is walking away from. They have vacated the house and moved into a rental. It hasn’t hit the foreclosure listing yet, but will soon. Appraisal should be around 125,000. Needs 10K rehab. 1st mortgage is 90,000 (3 months behind, 2nd mortgage is 30,000 and 6K Discover Card.

Should I try to make this my first short sale or should I wait until after foreclosure and make offer with Real estate agent once it is listed?

Any ideas. I don’t want to look like fraud as this is a family member.

Thanks

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Re: Buying Preforclosure or wait until REO? - Posted by maud saulsberry

Posted by maud saulsberry on November 25, 2005 at 12:59:21:

Interested in buying preforclosures. Please submit info as soon as possible.
Contact me at (901)281-0310

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Re: Buying Preforclosure or wait until REO? - Posted by Rob

Posted by Rob on November 17, 2005 at 16:08:33:

Why not try the short sale route. You will gain valuable experience and you don’t even have to hunt down the property owners. If the short sale does not work then you will always have the opportunity to make an offer after foreclosure.