All Forum Posts by: Gina C.

 I won't sign a contract unless I can fulfill it. I have purchased right before foreclosure as well as purchased right before a tax deed sale. I COULD legally market and assign because I am an agent, but will NOT mislead a seller and walk away. It boils down to integrity. I CLOSED if I sign on the line. Imagine someone being in a terrible situation, you PROMISE to buy, and then walk away Where does that leave them? Screwed. It will also hurt you, and if they can prove you induced them to sign by fraud, you could be sued. 

You CAN make money buying under market, and that is Ok as long as the seller is informed. I buy under market or don't but, the the sellers KNOW what their property is worth. I offer to list it for "x" or buy it for "y". No deception. Jay buys a lot of hoarder houses, and those take work..lots of it. He earns the profit.

I don't know the laws in NJ  but on the west coast  CA OR WA there are VERY specific laws that relate to dealing with those in default.. you may want to check with a local RE attorney before you launch.

Also I have done this for a few decades.. I think what U will find is your not the only one with this idea.. someone in default will over the course of their foreclosure get HAMMERED with direct mail

the bank will be talking to them sending them letters pretty much weekly.

people like you will be drilling them.. so competition is fierce.. at least it used to be in our market before the laws changed.. but not everyone knows the laws or follows them.

Bottom line though this I know is true having bought hundreds of these.. homeowners are in massive denial.. they are not motivated until usually the 9th hour.. you can find an occasional one that will react early in the process.. but usually that reaction is to list it and sell it..

now if your in an area that has limited sale activity to homeowners  and most the transactions are to investors for rentals.. that would be a leg up.. as those areas are dominated by wholesalers..

But if you think you going to send a few letters out and deals are going to just pop up .. I would be shocked at that..

When we bought a property the sellers were not motivated until 2 to 3 days before they were going to lose it.. then it was hair on fire to get them done... and you needed CASH the wholesaler bit simply was a non starter..

irrespective of tying up a property when you have no money hoping to wholesale it.. think about your grandmother.. would you like someone doing this and risking them losing their home when someone who has cash could actually help them.  or a good realtor could get top dollar.. think about the other person not just yourself.

If you are signing contracts with NO WAY to close, you are committing FRAUD BY INDUCEMENT. What is your PROMISE to buy a house, with seller in distress, and you walk away? Wrong way to operate IMO though there are plenty of FRAUDS AND SCAMMERS that have no problem screwing over people in distress.

@Gina C. congratulations on your first of many.  No matter how many times you do this, you will find yourself getting very frustrated with the parties involved to make sure you close.  Being that this is a 3 family, did the seller provide you with a Green Card (certificate of inspection) from the state?

Congratulations Gina! Thank you for sharing your experience and that very entertaining post. I enjoyed reading it a lot. I have yet to purchase my first property but intend to do so in 2018. Your post certainly helped and inspired me as I was having some doubts and fears that I may not find the right property, so thank you and congratulations again and good luck on your real estate journey!

Congrats on purchase. This is a big success buying a multi unit as your first. Any photos to share? As you get more comfortable you fill find attorneys can be done without. Build a relationship with your agent if you want to work together again, they can even give you some rebates for partnering together. I be curious to know the cash flow and cap rate, I didn't see much on the financials.

Congratulations and hilarious now that it's finally over! 

Conratulations!  It sounds like the whole experience let you learn a lot in the process so going forward you'll be that much more prepared to deal with issues as they pop up!