Posted by Helen on August 23, 2002 at 20:28:14:
Thank you John,
Now how about it folks, anyone interested in partnering email me privately. Even if you are out of state, as long as due diligence is done to satisfaction it just might be a winner.
Help on short sale Pls - Posted by Helen
Posted by Helen on August 23, 2002 at 08:54:25:
I posted this msg on the main board also. I just got the info and know its short notice. I appreciate any help.
A second 41K on a 225K home is being sold at auction on the 3rd. 1st is 110K 2nd 41K. Could anyone tutor me to get this deal under control. A RE sign is outfront. Thanks million.
Re: Help on short sale Pls - Posted by John Merchant
Posted by John Merchant on August 23, 2002 at 13:03:54:
Seems the best strategy might be to see if you can find the money to buy the 1st, because nothing the other lienholders might do would affect your right to collect on the 1st lien note. And if the title holder didn’t pay on your 1st, then you could foreclose, wipe out the others and take the whole property.
Those inferior, subordinate lienholders would of course still have their notes, and be able to sue the debtor, but they’d no longer be lienholders with any rights to the RE involved.
There are probably a LOT of RE Investor possible partners for you in State of the property, which you could probably locate on the general board here, who might like to be your joint venture partners on a deal like this.
Re: Help on short sale Pls - Posted by HD
Posted by HD on August 23, 2002 at 11:45:34:
I am not an attorney, and since I did not see this article as being of a legal question I am answering a general strategy. I hope I am not offending anyone by answering this.
Consult a local lawyer to understand the pitfalls of buying a foreclosure property. Does your state have a redemption period? If so the auction should have little consequence on this deal.
If you are an agent you will have to go thru the other agent.
If you go thru their agent it will be very tough to get the deal done specially a short sale.
I usually do not like to ask a homeowner to get thier home released from their agent since the agent in most cases is sincerly working in the best interest of the homeowner.
Your other route would be to contact the note holder and try to buy the note at a discount once you have the homeowners agreement to sell the house to you. Then at closing you would payoff the noteholder from the proceeds of the sale of the home.
If you are new at REI be cautious in foreclosure deals I do not recommend newbies to do them on their own. Try to find a local investor to partner with who has experience in this area.