OfflineOn last week's Video Blog, Matt Larson referenced a video tutorial he did on determining comps. Anyone have a link to that video? I have tried to search for it and can't find it.
Thanks!
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Matt Larson Video on Determining Comps
Posted on: Thu, 07/18/2013 - 16:01
When is it too late to stop an foreclosure, I like to start investing in foreclosed property in my area. How to get started!
“I’ve never been poor, only broke.
Being poor are a frame of mind.
Being broke is a temporary situation.”
—Mike Todd
Foreclosure time frame…
As you are looking at foreclosure properties you will need to keep in mind the process they go through.
Notice of Default/Lis Pendens
This is the when the bank takes legal notice through the county to record against the property that unless payments or arraignments have been made, the property will be auctioned off on a set date.
At this point the owner still has control over the property, the bank HAS NOT taken control yet.
-You can contact to the owner to see what options they will consider.
-At this point, there may be an amount that is past due that will need to be paid up to stop the process.
Foreclosure
The bank has control of the property at this point. Any and all negotiations will be through the banks appointed RE agent. This means that depending on the bank, they could be accepting offers, or holding the property before accepting offers.
In most situations when dealing with banks here are some things to remember.
-Banks do not accept assignment of contract generally; they want to know that you are the one buying the property.
-Banks will want a deposit with your offer in most cases
- Do not be afraid to put contingencies in your offer to the bank, everything is negotiable even with banks involved.
So in answer to your question, you will need to get in while the owner still has control over the property.
At that point you take a look at the situation and see what options will work to create a great investing opportunity for you.
Kimberly its WEEKLY WISDOM #245 Sunday July 14, 2013. look on the left under "MAIN SECTIONS" and count down to number ten 10 and there are all the weekly wisdom replays since the beginning. Also here is a link to what your looking for I believe. have a great day and happy investing.
http://www.deangraziosi.com/content/weekly-wisdom-245-wholesale-formula-...
WALT