Process to wholesale preforeclosures or foreclosure

[Byron Oliver]

Hello all who respond and read. I have come across an entire subdivision with the exception of a few houses that are in the process of preforeclosure or foreclosure. What steps would i be able to take to wholesale these homes? I know its opportunity in this somewhere. right? thanks in advance for your responses and help.

[Account Closed]

Several steps must be taken to wholesale preforeclosures or foreclosures. First, one must decide what area you want to wholesale properties in. In your case, I believe you have decided on this. Second, find a title company or an investor friendly real estate attorney to work with who can do assignment of contracts and simultaneous closings. Then, check the market for the properties you intend to wholesale (e.g. the price they are willing to pay for it or the cash sales in that neighbourhood for the past few months.) It is also important to find motivated sellers in the target area. Find someone that needs to sell their house. Once you find some motivated sellers, you need to reach out to them. And when you have a motivated seller who wants to sell their house, make an offer. If you can reach to an agreement, write up a contract. Now, if you have both signed the contract, it is time to find a buyer. Once you find an end buyer, make them sign an “assignment contractâ€, this is a simple one page contract that basically says you are assigning your right in the contract with the seller to the new buyer for a fee. Once the assignment contract is signed, send their earnest money check to the Title Company or attorney you are using to close the deal and they will handle everything else. Finally, get paid!