wholesaling pre-foreclosures

[Shequann Burrwell]

Im looking into pre-foreclosures for wholesaling and looking for at least 50% equity in the homes. are there any other loopholes I have to go threw to contract them since technically the bank owns the home. as for the pre-foreclosures that don't have enough equity to wholesale what should I look for to know if they meet the criteria to short sale?

[Bill Gulley]

50% must be guru talk, a house worth a 100K with 75K on a loan, should sell at say 87,500 with 5K to you and clear the costs for the seller, if you get 90K out of it the seller has lunch money too. Done it many times.

If your buyers are all staying at 70%, to flip again, yes, you'll need more room, many landlords might go 87.5 on a 100, need to know your buyers.

Yes, you need a Realtor generally. Start collection Homes magazines or look on line at target properties, some will say divorce or elderly seller or what the case might be. Keep track of them, if they aren't advertised and you call, they will probably say it sold or it expired.

Expireds can be tricky to work as a Realtor may still be due a commission after it expires, search here for the issues "expired listings commission"

Get familiar with the courthouse records, it's a gold mine.

See what you can dig up on the basics as well, sounds like you need to study a bit more outside the guru stuff. Good luck :)