Driving for dollars/pre foreclosure process after offer accepted?

[Daniel R.]

Hello BP! I have heard a zillion times the different approaches to obtaining properties outside of Zillow in hot markets. However, nobody ever goes into details on the actual process for driving for dollars, cold calls, mailing letters, auctions, etc. While these ideas sound great, hearing these same 4 or 5 bullet points is useless if a beginner doesn't know what to do with these ideas. So let's say 123 Main Street has foot tall grass, the roof is caving in, and the driveway has piles of rotting garbage. ARV is 150k, and I offer the resident who answers the door 50k and he accepts. Ok great, now what! I assume it's more than just handing over a duffel bag of 100's.

So what is the actual process from A to Z to close on a deal like this?  Who is involved?  I would assume title company, bank, county lawyer, the buyers own hired attorney?  Who do you need on your team to land a deal like this?  Is it preferred to have a realtor and just pay them a little cash commission for the help to oversee everything?  How do you check if they are behind on taxes or other liens?  Thanks for the help and please share any of your experiences

Thanks!