Foreclosed REO – How to Investigate

Does Your state have a lengthy and expensive foreclosure process?

If the foreclosure process is weighted in the occupant/owners favor there are most likely other choices.

You may want to do a “Contract for Deed” (Sometimes called a “Land Contract).

“Lease Options” work for other states but I don’t even like the name; option? I want a sale!

I once bought 140 Mobiles homes located on rented lots in parks I didn’t own. I put every home into a “Personal Property Trust” and then sold the “Beneficial Interest” on installments. It was like a “Contract for Deed” but it was a “Contract for Beneficial Interest.” If you own 100% of the beneficial interest of the trust and the trust was the owner of the mobile home, then the mission was accomplished. If the occupants didn’t pay I went through an eviction process instead of foreclosure because the occupant/buyers we not on the title.

My guess is, there’s a way to make owner financing work in your state. You just need to be in an area with affordable houses; retailing for $120, 000 or less.
The rest is simply establish the paperwork you’re going to use over and over again. It’s worth figuring out.