My house is going to foreclosure.

 

    You have lost your job, or something else may have happened and you can no longer afford the house you just bought a couple of years ago, you never thought that bad things can happen to good people, but it can happen to anyone. You don't want your credit to be ruined, but it seems there's no other way out. You have tried the traditional methods of selling it and had no luck. Now its down to the crunch and your reserves are exhausted and you need to sell your house fast. What do you do? YOU LOOK FOR AN INVESTOR.  
  You have seen them everywhere you just haven't paid much attention to them. Signs on phone poles, on stakes at corners, freeway billboards saying: "Sell your house quick", "We buy houses", "Joe Bob buys houses", "Sell your house in 9 Days", "Sell your house fast". You get the idea. 

     

    These are the folks who will be able to help you out. Now don't get me wrong, not all of them will be able to help you, because each investor has different criteria that they look for. So how can you keep from wasting your time and theirs? Simple, in this case you look for investors that buy houses with low or no equity. They can be found on signs, the local papers, and classified papers like the green sheet or thrifty nickel papers.

 

    Once you have found someone who is interested, what now? First of all be honest with the
investor about your situation (ie any liens that may be on the property as they will show when the investor does his homework/title research). Second be open to out of the box thinking. No this does not mean do anything illegal, you should use your common sense. In the above case the investor will probably suggest that he might split the back payments with you (if any) and take over your payments until the home is sold or refinanced. This is probably an acceptable solution for both of you as

 

(a.) your able to sell your home quick this way (with a minimal credit ding if your behind), and
(b.) the investor does not have to come up with a lot of cash or wait for loan approval. This is often called a Sub-2 deal.

 

    Ok I know what your thinking. Your saying "How will I be sure this guy is going to make my payments?" Well when I approach a deal like this I'm not going to shell out the money for a title search, insurance, closing costs, recording fees, rehab repairs, painting, carpeting, roofing, etc, just to throw that money away? Heck NO! You bet I'm going to make the payments and market the heck out of the place to get a tenant/buyer in it or an out right sale. In any case you should use good judgment about the investor you're dealing with, make sure it sounds right and you should be sure to understand and read all of the documents you are signing. House is going into foreclosure.