First pre-foreclosure deal! - Posted by ChrisB - CA

Real Estate Investing
1

Posted by Joe Bradley on November 08, 2000 at 23:07:30:

I think Bill can help you with this.
http://www.landtrust.net

Good Luck,

Joe

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First pre-foreclosure deal! - Posted by ChrisB - CA

Posted by ChrisB - CA on November 08, 2000 at 18:19:50:

I am a newbie who has been approached by a seller who has abandoned their home. It’s a high end property worth approx $320K. They owe $275K and are behind in payments to the tune of $10K. If I make up the payments, they will deed me the property (I know…sounds crazy).

Can anyone give me some advice as to how to structure this deal with minimal cash upfront? I was thinking I could take the property “subject to”, make up the payments & flip it. One question I have on that is exactly when do I make up the payments?

I have also heard that due to the strict laws in Calif, that I will need to fill out an Equity Sales Contract that discloses how much equity the seller is giving up. Is there anyone who is familiar with this contract and could send me a copy?

Thanks in advance for the input!

ChrisB - CA