: Working with people om pre-foreclosures

promortplanner
06-26-2006, 01:23 AM
I have in recent months been looking at the possibilities of buying homes in pre-foreclosure from distressed sellers. I would purchase, lease back to the sellers for 1 year, and sell the property on the open market giving the original owners the first right to purchase the property back.

There are many ways to structure (purchase lease back options) these deals, and recently gone through the rigors of finding an attorney to draft contracts and disclosures up for me.

In an attempt to limit liability if/when I engage in this business, do you think seeking an attorney is overkill or the right thing considering the expense?

Do you seek out so-called real estate investment gurus?

Are these so-called real estate gurus the real deal or a bunch of crackpots?

Does anyone have any thoughts on equity splits, set sales prices, and stategies for effectively engaging in these types of transactions while limiting legal disputes & liabilities?

Let me know any of your thoughts
OregonLO
06-26-2006, 09:38 AM
I'm actually getting into this same thing in Oregon with my Brother. We're going to set up a corporation to do it under to further protect us. I wouldn't say an attorney is overkill. You want to protect yourself and your investment to the fullest so it is a expense I'd be willing to pay. I wouldn't be buying any books from "gurus" I do happen to know a person who does stuff like this and is good at it. He actually teaches classes at the local university. Any knowledge you can get from someone is going to help you with this venture. I'd say seek out all the knowledge and learn as much as you can.


Good luck.
mypeople
07-17-2007, 02:06 PM
yes, i agree. i think an attorney is a wise decision. of course you want to make sure you find a good one though. :)
Matthew-HTDI
08-24-2007, 04:27 PM
There are many Brokers and Realtors on our program that include having them enrolled in our service for that year as part of the lease back terms, that way, there is a real possiblity that they could actually buy it back from you after the year!
berniecmps
01-07-2008, 11:01 PM
When buying foreclosures at auction, one contemplates buying lots of them a year
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01-28-2009, 11:24 PM
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foreclosureus1
11-01-2010, 11:40 PM
It is actually quite easy to find people in pre-foreclosure. The foreclosure rate is at an all time high with so many families losing their home. You can help families out of having a foreclosure on their record by doing a short sale on the property. I have helped a lot of families over the years by doing short sales.
foreclosureus1
11-01-2010, 11:45 PM
It is actually quite easy to find people in pre-foreclosure. The foreclosure rate is at an all time high with so many families losing their home. You can help families out of having a foreclosure on their record by doing a short sale on the property.
sabrinatoss
07-25-2011, 03:03 AM
It is a wise decision to opt for a legal expert to help you on dealing with your problem.