Wholesale Pre- Foreclosures. Is it really possible?

[Prince Conley]

I'm a newbie and still doing research. I'm interested in wholeselling pre-foreclosure however from what I've been reading it's pretty difficult to accomplish. I have a good process for finding pre-Foreclosures but I'm having difficulties understanding how deals are done from beginning to end. Below I've taken my stab at how I think the deal is done. Please poke holes where you see fit. - located property where seller is 60 days in pre-foreclosure. Owes $90k on a home worth $110k. - I've done research and found homes are selling for $105k to $115k in neighborhood. I offer to buy home for $90k from owner and have them sign Assignment Contract? - locate a cash buyer willing to pay $100k and have them sign purchase and sales agreement. - send both contracts to title company or closing attorney. Buyer and seller must sign off on paperwork. - through title company or attorney I then receive $10k As I mentioned I'm a newbie so I'm just trying to understand the process. Thanks