Foreclosures? - Posted by J.

Posted by Keithk2 on October 29, 1999 at 11:49:53:

You can flip a property in foreclosure but the attorney listed in the advertisment isn’t the party you need to deal with. You’ll need to look up the owner of the property being foreclosed on and negotiate directly with them just like in any other FSBO deal.

You’ll notify the bank that you are planning to purchase and redeem the property when you call them and ask for the redemption balance on the account. (The Attorney rarely has this figure). Don’t be surprised to find the amount to be a good bit higher than the balance listed in the advertisement since most states allow the lender to tack on the expenses of hiring an attorney, running the ads, filing the papers, etc., etc.

Once you know how much is needed to redeem you can structure your deal. Just make sure that there is enough cash to pay off the underlying debt at closing. Very few banks will haggle over the redemption figure if the house has equity and they almost always insist on a cash-out or new financing. If your buyer wants to take over the loan, they’ll probably have to qualify just like it was new financing.

Hope this answered your question. As always, your mileage may vary based on market conditions, these figures were gathered by a professional driver on a closed track, keep out of reach of children, do not operate heavy machinery while using this advice, may have side effects, ask your doctor, attorney, or pharmacist
(Must be spending too much time with my lawyer) :slight_smile:

All success

Foreclosures? - Posted by J.

Posted by J. on October 28, 1999 at 21:19:51:

Ok In the paper they have tons of foreclosures like first week, second week and third week and they all have contact info for the attorney handling it can you flip this kind of property and would you do it the same way as a FSBO? Sorry if the question is not to detailed just one of those things i can’t answer.
Also i just want to thank everyone for always helping answer my questions even the really dumb ones you don’t know how much it helps/
Hope you’re all having a Great Day!