Posted 05 December 2004 - 04:06 PM
ADVISE AND COMMENTS AND OPINIONS MOORE THAN WELCOMED
I would like to know if this is realistic? Should I do this business under a business name. and how should I form this company Incororate -sole proprietor etc.
Do you think that investors will be knocking down my door for these properties with 15-30% equity.
Posted 06 December 2004 - 02:13 PM
1- Most times the person in the process of being foreclosed will not even discuss selling. After all, you are calling on them out of the blue.
2- If they are thinking of selling, they would use a realtor or maybe they are already using one and have not found a buyer.
3- I doubt very much that you will get anything at 30% under “market value”.
4- The amount of equity on foreclosed property is normally lower than 30%.
5- If there is anything that a buyer can provide in this situation is expediency. This means having the money ready to buy the property in cash. There is no time to get underwritten for a new loan in most cases.
6- If you get into a contract, you will most likely have to follow through.
7- I do not expect anyone to give you a purchase contract without a significant “good faith / escrow” deposit. The $10 would be legal, but who would enter into a contract where the buyer gives ten bucks?
That is it for now
Posted 07 December 2004 - 04:50 PM
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