Give Yourself Time When You Start

When you’re just starting out one of the things you need to keep in mind is the time to buy a house.

If you’re looking at buying a foreclosure before it goes to sale, there is quite a bit of work to be done.  

You must find an owner who is willing to sell their home, and work out a deal with them.

Determine the Market value of the home and how long it would take you to sell it.

Contact the lender and find out how much they are wanting for their loan, if there is more than one loan you have to check them all.

Check the title, leans, and any IRS problems.

Each one of these steps takes time and when your starting out it can take quite a lot of time, probably days. In addition to this you have to give the owner 5 days to change their mind.

This means that you have to work something out with the trustee so that the house does not get sold on the day of the sale.

So really if you new you probably should not be looking at properties that are within 2 weeks of going to sale because it will just be hard to make the deal work in that amount of time.

If you look at defaults that have just been filed then you have a week to do an escrow and days to workout an agreement, and 5 days for the owner to change their mind. Then you still have plenty of time left to close the deal, and not get into trouble.

Then the faster you get at doing these different things the closer you can get to the sale date and still make the deals work.