Looking for some insight on puttung Investment property under #

[Alfred Miller Jr]

Can some body please explain to me the step to put a bid in on a  property, then putting it under contract?  Can you contact the lawyer on foreclose case when a person files bankruptcies or is it consider a bank owned property?           

[Michael Lee]

Hello and welcome to this website!  One of the first things you have to do is find out who owns the property.  You sale estimate format should include all income and expense items.  Finding out who owns will help you with that decision and how motivated they are.  If an actual foreclosure has not yet happened, then finding out the ownership of it usually is uncovered at the county tax office and where they are sending the bills.  A title connection person can tell you what all shows up on the title and who all have filed a lien on the subject property.  Talking to neighbers might help you out as ownership details and maybe access the inside so you can look at it.  

  An attorney can help you with the contract or a real estate agent if their is already involved.  Education will help you out when dealing with others.  Just make sure your budgets will include professionals that you will need.  Do not try to do everything yourself.  The mortgage company will usually put a bid on the property to recover their loss.  If the house is still owned by an individual, sometimes you can offer to pay off their foreclosure entity and maybe get a pretty good deal from them.  It depends on any equity they have, if any, on how good of a deal you will get.  If they still occupy the house they might just be the renters and sell the house to you on a subject to deal for you.  Just make sure the existing contract or mortgage documents have a due on sale clause in it.  They usually won't care as long as they are reciving a good check.

If the house has no tenant there and you cannot get in just have a clause in the new sales contract that will allow you some time (usually about 10 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  If the house is gong up for sale at the courthouse and you can, just go and watch to gain a look at how it will be done.  It can also be a good place to meet people that migh be looking for a person like you.  At the very least just find out who you can call to find out about foreclosure time and particulars about the sale and how to possibly acquire it,  Cash payments, registration, etc..  All counties do it differently (the sale).

Some counties even have an over the counter sale for properties that did not sell on the courthouse steps.  Research is very important so you have the right routine.  There may or may not be a bank involved.  Is that property going to be sold by a foreclosure or a bankruptcy?  How did you find out it was going to be sold?  A foreclosure is usually done differently that a foreclosure.  They both require a little more research and experience.

Good luck to you!