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looking to fix and flip my first foreclosure prop.

Do I need a real estate agent to buy foreclosures? by jmorrison33236 from Bridgewater, New Jersey. Jun 21st 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It depends.. there are several ways to buy foreclosures.. the first way is to bid on them at a foreclosure auction.. The attorney handling the foreclosure auction will need payment within 24 to 48 hours after the sale, so you pretty much need cash in hand. If a property is offered at a foreclosure sale, but does not sell, then the property reverts back to the original lender, and that lender will offer that property as an REO property.. The quickest way to know about this home going up for sale is if you have a real estate agent helping you find them.. Typically, the home will go into the Multi Listing Service (MLS) and show active long before a sign goes up in the front yard. You cannot contact the lender directly and make an offer.. the law requires the lender to "Fairly Market" the property for sale.. meaning, it must be available to the masses before they can consider any offers. Realistically, if you have no experience in property flipping, then a seasoned real estate agent can be your best friend. If you don't know how to locate and value potential properties, then having someone looking for properties for you and getting you an accurate idea as to what they would be worth after the rehab is necessary to be successful.. Property flipping has become extremely competitive and the margins have shrunk over the years because so many people are out there doing them.. but with the right knowledge, it can work. Just understand your dealing with Hundred's of Thousands of Dollars.. you better make sure you know what your doing before jumping in, or you can get hurt real bad. I've been a R/E investor for over 30 years.. and early in my RE career, I made a mistake that cost me.. Only one thank God!!.. but timing wasn't good because I was too extended.. had it not been for family, I could have crashed and burned. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 21st 2019
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