How To Buy Pre Foreclosure Homes

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Pre foreclosure leads can be some of the best motivated seller leads and the most profitable deals you can acquire as a flipper or investor. On today’s video I’m going to show you everything you need to know about how to buy pre foreclosure homes.
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Опубликовано:

14 окт 2024

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Комментарии : 218

@shashgo 4 года назад

Jerry, pls make a video of you doing a preforeclosure deal, where you talk to the seller

@TheBuddyShowWorldwide 3 года назад

I did this. Takes a lot of guts and psychology to get the owner to understand they are upside down on the mortgage.

@rodrigovillalobos9689 2 года назад

Pls do a video on you doing a pre-foreclosure deal jerry you are a flipping genius!!!!

@MC-mi2sh 2 года назад

Yeah this would be great!

@girlwiththecurlyfro2552 5 лет назад

This video was very informative in just a couple of minutes, thank you ! You are correct , the goal is always freedom .

@FlippingMastery 5 лет назад

+chary rentas 🙏👍👉💵

@CountryBuddyCulture 2 года назад

To tell you the truth you're so good that you don't need music in your videos. It's rather distracting because I want to hear your voice loud and clear. Thanks for The education!

@shashgo 4 года назад

Jerry, please make video of you talking to a seller who is in preforeclosure

@kashfortheking 2 года назад

“That was a tricky one to pull off.” 😂😂😂. I love the energy.

@genuinediamond3843 4 года назад

His videos are always ON POINT!!! keep them coming please!!

@marquis1181 5 лет назад

Great video as always but what is the name of that watch bro🔥

@FlippingMastery 5 лет назад

thx! I own over a 100 watches and that's one of my favs. Its Rider by Rockwell

@GovtWatchdog 4 месяца назад

Just go the county websites and look at currently scheduled sheriff's sales.

@stickfigure9662 8 месяцев назад

Great video. Just talked to a neighbor in preforclosure who agreed to see me their home. My question is were do you obtain a good printable contract I could givevthem to sign that the bank would be ok with?

@FlippingMastery 8 месяцев назад

Here you go! FREE Wholesaler Contracts: wholesalercontracts.com *Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com

@ELLIOTTARMY 4 года назад

Jerry. From what I'm gathering, you will need some out of pocket expense in order to get involved with Pre Foreclosures. Is there any way to wholesale the deal, without having to shell out thousands of dollars? Is there any way for all of the back payments, fees etc to be built into a wholesale deal where all this is resolved at closing? If so, can you elaborate? Thank you !

@dannawang 3 года назад

Great question!

@christianboren7933 2 года назад

get the home under contract asap and have the option period to be until the auction date. try to push it to investors and if you could get them to sign a resale and listing acknowledgment to post the home on other sites. If you can’t find a buyer to wholesale that you can legally back out of the contract using the option period

@Tyler-d4u9u Год назад

@@christianboren7933if you wholesale would u mind hopping on a call sometime and helping me out ? Im absolutely willing to pay i just have a couple questions that youtube comments aren’t answering. Thanks.

@skyloftsalon 9 месяцев назад

Hi Jerry, I know I'm 4 yrs late hearing this info. Will you recommend a reliable source to keep up to date on these real estate laws? I'm in Florida.

@2videosilike 4 года назад

Thank you For this upload! Ask for a payoff letter from the bank, by the owner. At what point should I ask the owner for this? I have a property that I am going to visit the house where, I believe they still live there (according to records) . I am determined to get this property! So, I'd like to know how to talk to them. I just learned about your channel, I am subbing now and going to start looking for more info from your channel! Thanks and stay safe!

@calebsykes9485 5 лет назад

What if the preforeclosures are listed on Zillow already and assigned to an agent. Should we approach the owner or the agent?

@FlippingMastery 5 лет назад

+Caleb Sykes If it’s listed, go directly to listing agent. You can’t go around the agent.

@tnkllclandrum3330 5 лет назад

Great Video very informative. .. Hey Jerry quick question i had a seller call me about her property going into auction tomorrow is there anyway i could help her?

@chrisginoc 5 лет назад

Excellent video! Would you recommend a pre foreclosure for a first time homebuyer?

@bosy.v 2 месяца назад

Damn. I need this type of help with a situation that can potentially change the course of my life. I’m handy, have bad credit, have time to dedicate, and don’t know how to actively pursue this home.

@dennisdungo1006 5 лет назад

Jerry, Thank you for your time in putting these videos together and educating us. I'm still confused on how to answer if they asked, well can I just sell the house as-is? Which would pay back all back payments and possibly still cash out depending on how much equity they have?

@FlippingMastery 5 лет назад

Yes watch this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-h6zGU-iL_9I.html

@phil6696 3 года назад

You're awesome Jerry!

@Altair9292 5 лет назад

How long does this pre-forclosure process typically take before auction? I ask because I'm wondering if it would make any sense to direct mail these leads or if that will take too long.

@FlippingMastery 5 лет назад

Every state is different. Yes you can mail as long as you mail early in the foreclosure process

@xLexiMarie 3 года назад

Thanks for the video. I’m looking into purchasing my first home but with a USDA loan. Even with the loan I can’t afford the average house price here so really my only option is a foreclosure in good condition. Would you recommend a first time home owner purchase a foreclosed home?

@pr4626 3 года назад

Yes you can start with a foreclosed home. I'd actually started with buying my neighbor's house when they were having a really hard time and that was what pushed me into real estate. Now I've got a 25-house portfolio not including the sales over the years but that first purchase has still been one of my best deals ever.

@pr4626 3 года назад

If you're buying with a loan I'd suggest you use a br,oker who can cover it in case things get rough and you can't handle it on your own. I could recommend one for you if you'd like.

@makeupnewbie3929 4 года назад

Hello, thank you for the video. Do you think it's good to buy foreclosure for a first time homebuyer? Thanks

@kielcole7078 5 лет назад

Can you assign the contract while it’s under preforeclosure? Or do you have to double close in escrow?

@FlippingMastery 5 лет назад

Yes you can

@jpmaurice8474 5 лет назад

Jerry I noticed on your example here- The pre foreclosure list all had 100% equity. However in the actual flipstersystem , I generated a pre foreclosure list in an area of interest ( a good area), and I was surprised to see that "ALL" the homes on the list of 25 , they all had " ZERO equity ?" . would you please explain that ? Thanks- because in this video you commented like some equity is required to make a deal work. I'm just saying- this aspect requires further explanation. Thanks.

@FlippingMastery 5 лет назад

+JP Maurice What zip code did you use? I’ll check it out

@HjCrawford 5 лет назад

@@FlippingMastery will flipster have preforeclosures for Montana & South Carolina?

@juanmaldonado2096 2 года назад

Hey jerry! Let’s say I want to wholesale the property to an investor. So I need to do all the steps you mentioned in the video? And is it a headache to deal with this ? Thank you in advance!

@patricialewis4239 2 года назад

Thank you Jerry

@treypowell5927 4 года назад

Hey how are you doing? These videos are very informational. Thank you . I’m new and looking to follow this guidance.

@jessicar736 4 года назад

Im confused.. How do I buy the house directly from the owner? Do I just pay the seller the amount they owe on the property? But what about the bank??

@dft2858 5 лет назад

Jerry, quick question. I love that board behind you, where it shows (possibly) the process of a flip. How can I get a copy of that board? I can give 25 bucks for a copy. I know that isn't much, but I am just starting out on my real estate education. Thanks for having a great channel👍

@FlippingMastery 5 лет назад

Here you go for free! www.dropbox.com/s/e4a8dkhwagoc469/6_FIGURE_PROFIT_SYSTEM_MINDMAP.png?dl=0

@starr8111 5 лет назад

Do u prefer wrap around, subject 2, or wholesaling the pre foreclosure

@FlippingMastery 5 лет назад

+S R great question. Think about your structure and your exit as 2 different things. Anytime I can structure creative financing with a private seller I do. Once structured then I decide my exit. Exit is either: wholesale, fix and flip or keep (rental). I’m a flipper and don’t want the brain damage that comes with tenants, toilets and turnover so I usually choose wholesale or flip. Does that answer your question?

@HjCrawford 4 года назад

@@FlippingMastery what a thorough answer! Thank you for that!

@lidaromanova1681 Год назад

Thank you

@shashgo 4 года назад

on pre-foreclosures, the payoff letter will show how much is owed as well as the penalties owed to the lender. But what about back taxes and stuff, Im assuming youre referring to property taxes, how do we find out how much is owed for property taxes?

@adnanahaque 4 года назад

What’s owed in taxes can be found on county website

@shashgo 4 года назад

@@adnanahaque Thanks

@bobbybravo123 4 года назад

I am ready now. I've studied for the past year. I'm in a real estate investment group, but still need a mentor to help me peice it sellt together . It's hard to choose which one to go for , but I will take this one off faith. I believe that you could actually help me with actually getting my first deal done.

@FlippingMastery 4 года назад

Check out my mentoring program here: FastTrackWithJerry.com

@a.aspden 4 года назад

How do you price a deal with equity if you want to assign it to a buyer?

@faisalreshad9962 5 лет назад

How would one go about wholesaling a pre-foreclosure lead? Say if I didn’t want to do sub2 or creative financing. Could I just help the seller by doing a p+s contract of total balance due, plus back taxes and then flip that to an end buyer?

@FlippingMastery 5 лет назад

Yes, assuming you had time before the foreclosure auction

@faisalreshad9962 5 лет назад

Flipping Mastery TV thank you!! One last question should my p+s contract with seller have the total balance + additional liens and back taxes?

@FlippingMastery 5 лет назад

Get a payoff letter from the borrowers lender. That will have all the totals.

@michaelazazi4848 4 года назад

Wish I heard of you sooner, great info as always.

@shashgo 5 лет назад

Jerry, can I ask general questions about wholesaling through the deal genie. The questions would be about random properties or the process of how to secure the deal with foreclosed properties owned by the VA. So can i ask these through deal genie?

@JasonJFlippingLife 3 года назад

Would going on the property of a preforeclosure be considered trespassing?

@tjalvy4106 3 года назад

Yes!!! What’s wrong with you

@tarzziccio8572 4 года назад

appreciate it man quick question where can i find these wholesaling contracts /contracts and closing contracts ?

@FlippingMastery 4 года назад

Download it here - myquickstartkit.com/

@tomjeff9007 Год назад

I found an abandoned like kinda house, tax delinquent. I need help to approach and offer cash for that house. Can you help please!?

@shashgo 5 лет назад

Do you offer flipster to your 10K club members

@FlippingMastery 5 лет назад

It’s Separate from the finder program

@rahimmcwilliams7580 4 года назад

Hey buddy you forgot to touch on the contract process?

@starr8111 4 года назад

Can you make more videos buying through auction

@amely6932 5 лет назад

Do you have a script to call preforeclosure leads?

@christinecervantes9327 3 года назад

Well said! I love this video. It was short, simple, and it had so much value in what I am looking for towards my niche in pre foreclosure. Also, your very handsome! lol

@danielacker3615 Год назад

Good info danke

@magicalteepees8916 5 лет назад

So does the auction happen after the property is foreclosed on, or is the property considered to be still in pre foreclosure when an auction is scheduled? For example, I see a property that is going to auction soon, and it says its a Foreclosure auction. I'm just curious to know if #1, the property has already been foreclosed on and #2 if I should still skip trace the Owner and see if I can help them. Thanks in Advance!

@FlippingMastery 5 лет назад

+Magical Teepees it’s not “foreclosed” until auction. If you were to try and buy before the auction you would need to get a payoff from the lender.

@magicalteepees8916 5 лет назад

@@FlippingMastery Ok great, thanks again!

@Mistydawndixon79 3 года назад

How do I find out the legal aspects with this process?? Is talking with a RE lawyer my only option to get this info In Missouri!

@kathrynniazi9555 3 года назад

I see property shark.com has pre for closures with a trustee who should I contact . There is a delinquency amount and loan amount, can we just pay the delinquency amount and have the owner sign over the home?

@fodd24barca6 4 года назад

Thank you Jerry @flippingmastrey for all the knowledge you throw out there. This video has very knowledgeable tips for someone to take action. My question is, Can you reach out to the owner of the house a month before the auction date is scheduled and make a deal with the owner and purchase the property? I would really appreciate your answer.

@FlippingMastery 4 года назад

yes as long as it's before the auction

@fodd24barca6 4 года назад

@@FlippingMastery Thank you.... God bless! BTW we love that you have a statue of Jesus Christ behind you on the book shelve ✝. Blessings.

@joevarga5982 3 года назад

@@fodd24barca6 Yea, God is make-believe.

@michaelwinchester1011 4 года назад

How do you get title insurance if you are doing a wrap around mortgage with the seller on a lis penden? Wouldn't the lien from the seller's lender still be in effect, thus not allowing a title company to give title insurance?

@realtyinvestingtexas2308 4 года назад

I have an appointment tomorrow with a preforeclosure that I sent a direct mailer to. The mailers that I sent was for an auction that has passed. I’m wondering if they caught up the payments, but are still looking to sell. 🥴Oh geesh!

@FlippingMastery 4 года назад

Ask the owner for a payoff letter from their bank to make sure

@realtyinvestingtexas2308 4 года назад

Thanks Jerry! The appointment went well, but we still need a bit of information from them to move forward since they are being so secretive (I.e the bank payoff). They did sign our quote, but we put a clause in there that allows us to research and come back to make a different offer within 7 days. We know the amount they’re looking to sale for and the amount that we gave them today. It’s our first deal and I’m learning so much. ( I’m babbling now, but thanks for the assistance) I’ll let you know the outcome! 🤪

@FlippingMastery 4 года назад

Realty Investing Texas great! 👍

@shashgo 5 лет назад

@3.17 what is that term you use ".. ____ or notice of default"

@FlippingMastery 5 лет назад

When the bank officially starts foreclosure

@chiquitacarter-layne5232 4 года назад

Lis Pendens

@ritare9322 4 года назад

Thanks Jerry Berry! Quick question.. If seller has equity in the home I assume that will be applied to any outstanding mortgage balance / back payments, then the end buyer would pay off remainder of mortgage balance / back payments ?

@All_eyez_0n_me_lp 3 года назад

It's hard to get info on these because every one I find is an owner that is in there 70's with no working numbers or old email addresses like aol smh.

@keithjackson2932 5 лет назад

You just got a new subscriber & flipster member

@FlippingMastery 5 лет назад

+Keith Jackson 👏👏👏👏

@devinlinkme6025 2 года назад

I live in Maryland, so how or when should I get in touch with the seller?

@AGOODSAMARITAN1804 5 лет назад

This was great teaching omg, you rock as always

@FlippingMastery 5 лет назад

👊

@anthonymuhammad4140 5 лет назад

Great content Jerry. I called a lady while D4$ her name comes up as the owner on the county tax records but when i spole to her she thought her property was already sold due foreclosure. I informed her to reach out to the bank to see if its a REO. If the county records still shows a owner names this means the bank has not taking possession of it, this is my question?

@FlippingMastery 5 лет назад

It could just not be recorded yet. Some counties take 60 days to record deed transfers. They should have received foreclose notices

@nobe7803 5 лет назад

Want to get into the industry but living in Maryland seeing all of the laws discourages me. Is it worth trying to whole in Maryland ?

@FlippingMastery 5 лет назад

Baltimore and DC are great markets!

@shashgo 5 лет назад

Jerry, so how do we get the preforeclosure lists without flipster

@FlippingMastery 5 лет назад

Pay 5x as much and buy it from Listsource

@shashgo 5 лет назад

@@FlippingMastery hmmm, get the buyer to pay for it 😇😇😇😇😇

@ronalvalerio1195 5 лет назад

Hi Jerry question? What is the board behind you it has good design analytics diagrams!

@FlippingMastery 5 лет назад

+Ronal valerio I explain here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QQLI67dCvdU.html

@tamirajohnelle4700 4 года назад

Please do a PRE Cold Call...

@shashgo 4 года назад

Are [preforeclosures also handled like normal wholesale leads, that is, are they assignable?

@FlippingMastery 4 года назад

Yes

@shashgo 4 года назад

@@FlippingMastery okay, good to know. So if i get a preforeclosure deal, then i will end up doing my own comping because its an off market deal. So, is it okay if I send you my comping links through dealgenie. I am a member of your 10k club. Also, can i use the last price that the property sold for as one of the ARv estimates

@jacoblytle123 3 года назад

My question is would I need some kind of out of pocket expense to wholesale a pre foreclosure?

@Christhegodson 4 года назад

Do you have to pay the back pay and the taxes before you can wholesale it?

@FlippingMastery 4 года назад

No but the cash buyer will have to pay it when he buys it

@Christhegodson 4 года назад

Flipping Mastery TV Thank you for the quick response. I wasn’t expecting that lol. I really appreciate your videos. I owe you deal once I get started lol.

@FlippingMastery 4 года назад

👍👍

@denajahthomas7407 2 года назад

What if the auction isnt scheduled yet can i still buy?

@TravelHall74 4 года назад

That's why I fuck with this dude no bullshit just get that damn money.

@heronleal3582 5 лет назад

I have a house in foreclosure do you have any specific video about that

@FlippingMastery 5 лет назад

+Heron Leal What stage in the foreclosure process?

@omar31634 5 лет назад

If the house has taxes that need to be paid off, who pays it off? The seller, you (wholesaler), or your buyer? Thanks

@FlippingMastery 5 лет назад

+KiNGSiAM Watch this. It explains; ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-h6zGU-iL_9I.html

@tamirajohnelle4700 4 года назад

Do you call, door knock or direct mail

@FlippingMastery 4 года назад

Yes. Lol

@denisec3153 4 года назад

Hi Jerry! Thanks for the upload, liked and Subbed..I'm in the state of Maryland and you mentioned it briefly. Does this mean I have no legal options to get in contact with the preforeclosures? I have the contact for the funds by a private lender. I want to live and flip.

@FlippingMastery 4 года назад

don't contact people in pre-foreclosure in MD

@ELLIOTTARMY 4 года назад

Get an agent to contact leads for you.....

@davewalks257 5 лет назад

Cleat.. Concise ..great video

@FlippingMastery 5 лет назад

+Dave Walks 🙏

@williamjohnson9139 5 лет назад

I was told you can’t wholesale if there’s an auction date. Inform me of your thoughts please. Thank you

@FlippingMastery 5 лет назад

+william johnson you can payoff the lender up until the auction and some states have redemption (window of time after auction).

@souljackmusic 4 года назад

Is it aloud in Texas?

@lonestarr1707 5 лет назад

3:39 make a video on how you pulled that off

@FlippingMastery 5 лет назад

👍

@user_abcxyzz 4 года назад

Luck of the draw kid. Sometimes you get lucky

@hugozamarripa7414 5 лет назад

Is there a video where you explain the best way to get leads? Also, how do you scope out houses that have potential? Zillow? It's my understanding that many flippers try to get a real estate license to have access to MLS and to retain the 6% agent sale fee. Let me know :)

@davidthomas7974 5 лет назад

no need for a real estate license. most agents will work for you and you pay nothing. They are paid by the seller. I know. I have been licensed for 13 years but not currently practicing

@Thisninjascared 5 лет назад

Hey can you go more in depth with this strategy?

@dionroche2021 4 года назад

So in Maryland how would you be able to get in contact with a pre foreclosure seller?

@FlippingMastery 4 года назад

🤷‍♂️ Can’t market to them

@suriyahwebster3395 4 года назад

@@FlippingMastery knock on their door lol

@monikamichalski2776 5 лет назад

Can you get around the laws by just saying you're mailing to houses in the area? Or do the laws only apply if you specifically mention anything regarding their pre-foreclosure?

@FlippingMastery 5 лет назад

Don’t do it in Maryland

@melissaposey3204 4 года назад

Thanks for the heads up in Maryland

@myobtv2593 3 года назад

Do you have an app?

@FlippingMastery 3 года назад

Getflipster.com

@BabyFaceDon 5 лет назад

What’s your thoughts about rent to own home?

@FlippingMastery 5 лет назад

+Ayee DonOnTv just released a video yesterday about lease options ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-uQ7wLj8cVQE.html

@FlippingMastery 5 лет назад

great! watch this: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-uQ7wLj8cVQE.html

@jhardin617 5 лет назад

Does the owner have to pay what they owe before you can go forward with the process

@FlippingMastery 5 лет назад

+Jonathan Hardin Yes watch this: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-h6zGU-iL_9I.html

@PraiseEmmmanuel 3 года назад

How much do i offer a preforclosure letter?

@jwrath90 5 лет назад

What happens if the seller accepts the offer? Is a realtor needed? I wouldn't know how to go about the paper work

@FlippingMastery 5 лет назад

+jwrath90 Same steps as usual. Watch this: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Njm5Olk4CFw.html

@SevenDeuce072 5 лет назад

Why not give a free trial for your flipster software, so we attempt to do replicate this success in 2-3 months, once we have a proven system aren't we more entice to stay with the software because it worked?

@FlippingMastery 5 лет назад

I did a trial for years and it only Attracted tire kickers. It’s month to month so if someone can’t go 1 month, they probably won’t keep it anyways

@officialu2da525 4 года назад

Question I started buying house in preforclosure that they listed. Before closing it went into foreclosure. I’m now waiting for title company to clear up. What’s likely to happen?

@FlippingMastery 4 года назад

You missed the window

@Fluvsiesmidnight 4 года назад

So, a home I’m interested in owes 30k, that’s means I have to cover that at Pre-forclosure stage? Assuming owner agrees to deal with me?

@joslynharden5292 3 года назад

Sounds like it depends on what kind of deal you want to do. Do you want to go ahead and buy the house upfront or takeover their mortgage payments. So you could pay however much they are behind on the payments (and taxes it sounds like) then pay take over the mortgage payments

@fodd24barca6 5 лет назад

Hi Jerry, thank you for your generous information. if you don't mind me asking we get everything for free how do you make your money from those websites? I tried to go deal crunch and keep taking me to redfin.com to download a CVS file and there is no download all button in send search. Please Advise. SINCERELY

@FlippingMastery 5 лет назад

Unfortunately Redfin doesn’t provide csv download in all areas 😞

@fodd24barca6 5 лет назад

@@FlippingMastery cool so how can we get the list from the your crush website after we enter the ZIP code

@fodd24barca6 5 лет назад

@@FlippingMastery sorry I meant my data cruncher. Com

@MyiaLaShaun 4 года назад

IN MD CAN WE TALK OT THE LISTING AGENT

@user_abcxyzz 4 года назад

Of corse

@awwskit9753 Год назад

What if the home owner is deceased how does this work

@enrique.5023 5 лет назад

You get a new subscriber

@FlippingMastery 5 лет назад

+Kikín Her 🙏

@davidthomas7974 5 лет назад

Ok wasn't it mentioned that there was a link for getting access to the pre foreclosures?

@FlippingMastery 5 лет назад

free pre-foreclosure leads are added every single month to active subscribers to my flipster software. (go here to learn more and see it in action: getflipster.com)

@davidthomas7974 5 лет назад

@@FlippingMastery ahhh so that was a bit of a hook to get people in was the list that isnt really available unless you buy into the flipster program?

@FlippingMastery 5 лет назад

+David Thomas Pre-foreclosure data cost to buy so no I never said I’d buy data and provide it to you for free. However, I do buy it and provide it for active flipster subscribers which I clearly state in the vid

@MyiaLaShaun 4 года назад

when he said in Maryland i WENT 😳😳😳

@meetthebests2974 4 года назад

😳😳😳 It’s illegal to contact sellers in preforclosure in Maryland really?

@WilliamWeekesJr 5 лет назад

FYI your closed Closed Captions is set to Dutch - Informative none the less!

@FlippingMastery 5 лет назад

Must be your settings

@osufan124 4 года назад

@@FlippingMastery Hey man great channel. I've learned a lot so far. The auto-gen captions for this video are definitely set to Dutch. I think if you go to the RU-vid studio settings and click on the advanced tab you can change it to English.

@osufan124 4 года назад

@@FlippingMastery Sorry if you cover it somewhere but, do you have any recommendations for websites for foreclosure listings? Are any of the pay subscription sites worth it in your experience?

@shashgo 4 года назад

Jerry, if a house has a mortgage of 150K, and the owner has paid if 70K already, then he still owes 80K. If he sells it to me for 80K, then now i have his house bought for 80K. But the bank still needs the balance of 80K to be paid off, who pays that? If that amount is paid by the seller out of the money he got from me, then I end up with a 150K house for 80K. If i have to pay it, then Im out 160K (80k+80k), which obviously is not what I want to do. So how does the process work

@FlippingMastery 4 года назад

The $80k you pay goes to the lender who is owed $80k

@shashgo 4 года назад

@@FlippingMastery so the buyer ends up with nothing? And do you tell the buyer "i will pay off the house for you" and then you pay the lender directly? Or do you take title of the house, pay the buyer and he pays off the lender with it?