Can I wholesale a house under foreclosure?

[Account Closed]

Hi, I came across a house and while talking to the owner, although motivated said the house is under foreclosure and he awaiting to hear from an attorney regarding a title issue. Has anyone had any experience with wholesaling foreclosed homes or even pre-foreclosures?

[Lenzy Ruffin]

Yes, you can wholesale a house under foreclosure. The owner still owns it and can sell it until the foreclosure process completes and they are no longer the owner. The house needs to be at a wholesale price, though, which will likely involve a short sale. If the owner is motivated and in foreclosure, they probably don't have equity because if they did, they would just sell the house to avoid foreclosure. 

Just use the 70% rule. If you can wholesale it without doing a short sale, great. If not, find an investor or an agent in your area who is experienced in doing short sales and work out a win/win/win agreement for the homeowner, you, and the person with short sale experience.

https://www.biggerpockets.com/renewsblog/2014/02/14/70-rule-bible/