All Forum Posts by: Joseph Hernandez

"Take them down" means you rehab and flip them? 

This question is for experienced wholesalers. Are pre-foreclosures more difficult to close in comparison to other types, e.g. probate, code violations, evictions, etc? Also, are wholesaler fees higher on average for pre-foreclosures? Thank you!

In regard to pre-foreclosures, can a wholesaler file a TRO on behalf of the seller? If not, and the seller doesn't have funds to pay the attorney fee, I assume the wholesaler must pay if he wants the deal. If so, does the wholesaler have any protection to get reimbursed if the deal doesn't close? Thanks in advance.

@Janelle Eagle-Robles That's great news. I was told that the servicer rarely grants auction date extensions. I was told to speak only to the lender. Did the lender or the servicer grant you the extension? 

I'm sending the Purchase and Sale contract. Do I need to send an Assignment of Contract as well? I haven't found the buyer, so all I have is the AB contract.

Thank you for your help Janelle :)

@wayne brooks. I asked if anyone knows the verbiage to write the letter to the lender to request an extension to the auction date.

@Chris Seveney. Hi Chris. I'm a real estate and mortgage broker, but a newbie wholesaler.I already have an executed borrower authorization to act on his behalf The homeowner is not late on his mortgage. He hasn't paid his HOA dues in 10 years. The HOA is foreclosing. The borrower is still trying to get a loan to payoff the HOA! But we are running out of time. It's not happening. I was told by a few different sources that in order to get an auction date extension, I must have a compelling reason. If the homeowner had a large down payment, he will use those funds to pay the HOA and redeem himself. I was told he needs to show the lender a purchase and sale agreement and proof of funds to close the deal. The borrower is ok with selling his property. I need to request an extension to the auction date, but I don't know all the verbiage the letter must contain, as I never did this before. Nobody seems to know what to state i the letter. I guess I will simply request an extension for 30 days. Thanks Chris for your help, I appreciate it!

My client's auction date is in 5 days. I want to request an extension to the lender. Is there a form to fill out? If not, does anyone know the verbiage the letter must contain? Thank you!

Are comps from Property Radar reliable? If not, is there a free site that offers better comps?

If I wholesale a deal, what to do if escrow closes and the buyer refuses to leave? Will the cops remove the seller? I'm trying to avoid the long process of eviction. Thanks in advance.

@Sebastian Marroquin. Thanks for the great feedback! You gave me inside info that I needed to know. I expected to get this insight from an investor or wholesaler, not from an agent! You must network with investors. 

As I mentioned, I'm a real estate broker, and I flipped 7 properties. I could do both the wholesaling and flip the property, but I choose only to wholesale. If I do both, my money will be tied up much longer by doing both. If I only wholesale, I can get paid much faster and reinvest those funds and get 3-4 more wholesale deals as the time it will take to do one wholesale deal and a flip.