All Forum Posts by: Tarrin Lilly

Most likely yes, the seller is usually under contract with the realtor.

Ok thanks for the insight William, so basically at that point I could just declare that lead as a default lead???

You need to Google PHIFA .   I would not market to people in pre-foreclosure.  It sucks because it definitely takes away investor options but it is what it is her ein MD - I would not mess around with it.  People have been sent to jail.  Here' s a little bit of info on PHIFA related information - http://www.dllr.state.md.us/finance/advisories/adv...

Short sales can be done when you find that someone is underwater (not target but you come across someone who is upside-down) - you bring in a Realtor to assist with that.  

Because of Maryland's PHIFA law it is not practical to market to owner occupied properties in default. 

So what works best?  My favorite quote on marketing. 

"Everything works somewhere, Nothing works everywhere"

You just have to try some things and test what works for you.

Unless you are going to be doing short sales, bad idea. Are you familiar with short sales?

Most people who are in pre foreclosure dont have enough equity to sell their home.  Many people in this situation have tried to sell retail with an agent but they are underwater.  

I dont know if targeting them is the best way to go.  

Good luck

It really does depend on the seller's situation. Using Subject 2, which basically keeps the bank in the dark about the purchase, if the seller is delinquent then he needs to be willing to pay the arrears as part of the purchase agreement so the property doesn't get foreclosed. If he's not then it does come down to how desperate he is to just walk away.

Do you mean your offering price?  If so, then they would have to get bank approval for  a short sale to not have their mortgage paid off in full with your offer. (Unless you are buying subject to that existing mortgage. Doesn't sound like it.) They would need to be behind on their payments and prove hardship to the bank.  It can be a long process.  Your offer won't necessarily be 'eliminated'.  Just rejected by the seller.  A no response from the seller in your time period allowed in your offer is considered a rejection or denial.