preforclosure - Posted by victor

Posted by victor on March 31, 2004 at 11:40:07:

Thanks for the info. By the way, do you invest in preforclosures? If so, What’s been your experience? What’s the most challenging aspect for you?

preforclosure - Posted by victor

Posted by victor on March 31, 2004 at 06:14:00:

  1. When doing preforclosures do you typically try to screen the owner over the phone before going to see the property?

  2. Is it the investor you flip the contract to the one responsible to do the inspection on the house. In other words, that’s not my job as the middleman?

  3. Are there many contracts involved in preforclosures for the middleman and are they very extensive? Who can help me with the contracts? Do I need a lawyer?

Re: preforclosure - Posted by patricia love

Posted by patricia love on April 16, 2004 at 13:00:44:

i am looking for 0 downpayment 0 closing cost and a grant to purchase a home in malden medford or arlington mass i m looking for a 3 bedroom 4 family duplex home near a family type neighborhood

Re: preforclosure - Posted by David (Los Angeles)

Posted by David (Los Angeles) on March 31, 2004 at 09:44:56:

  1. Screen the owner?

If you’re just starting out, it’s more important to get experience sitting down with the owners than it is to save time by screening.

  1. Flipper inspection?

Anyone you flip to is buying what you bought, where is, as is. It’s their responsibility to know whether that’s a good deal for them. On the other hand, if you want to be able to flip it, you either have to be sure the price is low enough that a few unforeseen problems won’t drain all the profit from the deal, or you have to be aware of the problems when you make YOUR deal. Assume there are termites, and buy accordingly, but don’t pay for an inspection to know for sure. Know how old the heating system is, how the roof looks, what the plumbing’s like, whether the wiring is obsolete, etc. You don’t need to pay professionals to do all of this, but you need to have some knowledge yourself or you’ll either end up getting a house you can’t flip, or the person you flip to will end up losing money and you’ll have a harder time flipping in the future.

  1. Contracts

Varies from state to state. Check with a local investment club, or a local guru, to see what you need in your area.