Bought my first foreclosure... now what?

[Deep Nasta]

George,

First of all, I'd like to say that I've been doing RE for 18 years and your classes and information are by far the best I've ever seen. Without you, my first purchase wouldn't have been possible so thank you!

I picked up 2 year old house that sold for $150k new for $90k at the courthouse this morning. It's probably worth $135k now but still not bad. Just drove by the house and it's in a great neighborhood and in very good condition. The title is clean and there are no back taxes. I know that thanks to your awesome title research class.

Now what? Do I need to wait till I have the deed in hand to change the locks, clean it up a bit and put it back on the market? The house is vacant.

[George Roddy]

Deep,

First off, Congratulations!!!! We appreciate your comments and support of our endeavors.


Now, to answer you questions

1. Do you have insurance on the property? If not, get it!

2. Question: Is it vacant or occupied? If vacant, then change the locks and start the preparations for the rehab. DO NOT spend alot of money until you received the deed to the property. Call the attorney every 72hrs and request that you get confirmation of the sale emailed or faxed to you. If the property is Occupied, then you need to start the eviction process: give 3-day notice to vacate, filing forcible detainer suit with the justice of peace, etc... (directions are in your HTB workbook).

3. Once you have the deed, get started on the rehab..


Look forward to hearing about your next success story.


Coach George Jr.