Wholesaling Questions; Need Clarity To Start

[Andrew Martin]

Hey everybody, I am in the midst of getting my first batch of yellow letters/bandit signs out and about and I have a few questions I would prefer to know the answers to before the situation arises. 

1. If a homeowner contacts me to sell their home and they are currently in A.) Preforeclosure; or B.) Foreclosure; what are my options? Am I able to get either one under contract and sell? Or is it too late at that point?

2. Does anyone recommend getting a tool such as Vumber to allow all calls to go to a voicemail set up specifically for this target, or just send it to my personal cell? And is there any suggestions on weeding out non motivated sellers at the voicemail?

3. (And this is the most important one to me at this point) what is the exact situation I'm setting up? I'd this correct: I make an offer and set up a contract with the seller; set up an inspection before closing maybe like 21 days after contract and that 21 days is the actual time I have to find a buyer? And what happens if I can't find a buyer? Do I just cancel the inspection, do I have to pay upfront for the inspection, or say I do find a buyer do i have to pay for the inspection when it occurs? 

Sorry for the long post guys but I've done a lot of research and putting a lot of work into getting started but it seems that everybody talks about every path there is in real estate but nobody really seems to explain the actual process and how it all ties in together. Any information would be greatly appreciated