Posted by Mike Daly (GA) on April 25, 2002 at 08:47:12:
It’s a good idea to give the seller a token ten bucks for option consideration – just in case it ever wound up in court. Are you prepared to come up with the 15K if the bank doesn’t agree to roll it back into the loan? If not, I wouldn’t promise to make the payments.
I don’t know what the California laws are on buying properties in foreclosure, but I’m sure others on this board do.
Got first deal - need help !! - Posted by Andrew Patel
Posted by Andrew Patel on April 24, 2002 at 23:16:45:
Everyone,
Hi…got first deal in CA. Value = $608K Only Mortgage $480K. Seller wants out and wants his payments made. Behind $15K.
a) Seller will give the deed to me. I want to open a trust, name our corporation as a beneficiary and myself as a trustor.
b) GEt the deed, Take over payments, negotiate the $15K to be rolled into current mortgage and pay over 12 months through the current seller.
c) Seller has agreed to inform insurance company and first mortgage holder about the trust. I have discussed trust name to be Mr. and Mrs. Seller Trust
d) I am putting an ad out this sunday or next week to Lease option the home.
e) I will use Le Grande’s forms.
Questions are:
a) I am in california and since the rules here are so different can someone advise me what “amendments” I need to get?
b) Do I still need to give the seller some option deposit if they have agreed to give me the deed?
c) Any other advise apart from CREonline postings about due on sale clause?
I thank you all in advance for helping me.
I have just lost my job and I got this deal yesterday. I think God must be trying to tell me something.
Andrew Patel