foreclosure purchase - Posted by George

Posted by Hunter on September 16, 2004 at 16:57:38:

If the numbers are right and you are confident that it is a great deal, GO KNOCK ON THE OWNER’S DOOR. It is much harder for the owner to ignore you when you are standing on his doorstep. If you are not comfortable with knocking on the door find someone who is and pay them if you get the deal. I’ll do it but you’d have to fly me out from Wisconsin.

foreclosure purchase - Posted by George

Posted by George on September 16, 2004 at 16:16:07:

I hae located a 4 bdrm 2 ba 1910 sq ft home sitting on a 1/2 acre parcel located in a nice area of Riverside County Calif. This property is a victim of a house fire.
Approx 1/3 of the home has been burned in the rear of the property. The property profile and title search reveals that the property is in default and the trustee tells me the property is scheduled to be sold at trustee sale on Sept 30th at 1:30. This property is located in an area where the surrounding homes of like size, lot, etc have an average vales of $425,000. The Deed of Trusts reads poperty was purchased and recorded back in April 2003 in the amount of 247,000. The house has been vacant for several months since the fire. I wrote a letter to the owner of the property indicating my interest to purchase the property in its present condition and upon interior inspection of said property. I have not yet received a reply from the owner.
The trustee sale is scheduled for Sept 30th. I would like to tie up this property prior to the trustee sale, does anyone out there have any ideas or am I wasting my time??


You better understand civil code 1695… - Posted by kawikaCA

Posted by kawikaCA on September 17, 2004 at 24:20:35:

which deals with Equity Purchases, before you talk to the owner. The law is very specific about what you must do to buy a house in foreclosure in CA. If you’re considering leasing the property and you bought it sub2, you should also know civil code 890 (rent skimming) as well.

Once you’re confident you understand 1695 and have an Equity Purchase Agreement in hand, I agree with Hunter, go knock on their door.