Posted by Tom-FL on July 27, 2003 at 13:59:12:
I think it’s like that in Texas as well, LOL
HOW to respond to…? - Posted by Joe (Oh)
Posted by Joe (Oh) on July 26, 2003 at 17:07:24:
how do I respond to a seller when they say, “Well, I need the 20k for my next house downpayment, so I need you to cash me out now…” and yes the seller is in foreclosure, and they have just enough equity to argue that point of needing that 20k for the next houses’ down paymnet and they arent willing to wait 6-18 months for someone to cash them out.
is there a trick or magic words you use when dealing in a situation like this? or is there just no hope, and that house is heading to the foreclosure court?
-Joe
4 W’s- Some will, Some won’t, So what… - Posted by Paul
Posted by Paul on July 26, 2003 at 21:40:27:
Someones waiting.
Best wishes,
Paul
Re: HOW to respond to…? - Posted by RichV(FL)
Posted by RichV(FL) on July 26, 2003 at 18:25:09:
Joe,
Hey my wife and I looked at one like that a few weeks ago. This guy is going to lose his house and he just wont budge. He is stuck on this one price and feels he should make a profit when he sells.
As GL-ON has mentioned the magic word in this situation is “goodbye”.
I still to this day can not get into the mind of those who are either pre foreclosure or already in foreclosure. I guess they are waiting for a “White Knight” to come and save them.
Best of luck,
RichV(FL)
Re: HOW to respond to…? - Posted by GL - ON
Posted by GL - ON on July 26, 2003 at 17:40:59:
The magic word is “goodbye”.
You should be polite about it. Explain that you don’t buy that way for tax reasons. Make sure they have your phone number and tell them to call if there is anything you can do for them.
If they call you, a week before they lose the house, you can make them another offer, but one more favorable to you.
About half the time they will call back, and you will get the house for less than you offered the first time.
Re: HOW to respond to…? - Posted by Houserookie
Posted by Houserookie on July 26, 2003 at 22:40:04:
Rich,
The statutory redemption period can be up to 12 months from the date of the sheriff sale. Someimes as high as 24 months with high equity.
During statutory redemption period, the seller can sell or obtain financing from other sources to redeem the property.
Some states also have special programs to help people in foreclosure get caught up and pay for outstanding bills to get back on their feet.
Cheerz,
Re: HOW to respond to…? - Posted by Tom-FL
Posted by Tom-FL on July 27, 2003 at 24:50:12:
There is no practical redemption period in FL. Technically, it is from the time the gavel drops till the judge certifies it, which can be anywhere from a half hour to a few days at most.
Re: HOW to respond to…? - Posted by Houserookie
Posted by Houserookie on July 27, 2003 at 01:35:48:
Tom,
Joe is in Ohio so most likely the laws in FLA don’t apply in his state. I can’t speak for FLA or situations that involve a power of sale clause.
I am not familiar with the foreclosure process in FLA or maybe there is no process.
Redemption Period in Ohio - Posted by JT-IN
Posted by JT-IN on July 27, 2003 at 11:10:51:
HR:
The redemption period in Ohio is until the sale is confirmed… which usually takes between 15 to 60 days, with 45 days being the average. High equity does not extend this period of time.
In order for a property owner to redeem following the Sheriff Sale, they must place on deposit, with the Clerk of Courts, the amount of the Judgement, Costs and Fees. Due to the pending judgment until the judge dismissed the lawsuit and sets aside the sale, this essentially eliminates the owners ability to obtain a new mortgage, sicne there is NO guarentee that the sale will be dismissed. In the event that it would not be dismissed, and the sale confirmed, the proceeds would be refunded to the owner of record and NOT a Lender to repay the new mortgage… thereby making it tenuous for any Lender to protect their interest. Hence, a new mtg is out, once the sale has taken place, unless the Lender will dismiss the case, as opposed to force the Owner to use the “Redemption Process”, via the deposit with the Clerk of Courts.
Detailed and obtainable, but usually only with an “Angle” and not a Lender, once the sale has occured in Ohio.
JT-IN
Re: HOW to respond to…? - Posted by Tom-FL
Posted by Tom-FL on July 27, 2003 at 09:56:13:
Posted by Houserookie on July 26, 2003 at 22:40:04:
In Reply to: Re: HOW to respond to…? posted by RichV(FL) on July 26, 2003 at 18:25:09
Mmmmmmmm, ok. Since you were responding to RichV(FL) about the similar situation he had, and since he’s in FL, I just thought you were talking about FL. I figured if you were talking to John, you would have responded to John’s post, not Rich’s. My Bad. I’ll have to call Miss Cleo next time to see who the poster is really talking to.
BTW, there IS a foreclosure process in FL. The posse rides up on horseback and runs the family off at gunpoint.
Re: Redemption Period in Ohio - Posted by Houserookie
Posted by Houserookie on July 27, 2003 at 11:47:46:
JT,
OH appears to be a rather favorable state for cash investors. Inasmuch, it’s not as vicious as the cowboys in FLA and their gun points on families in duress.
Cheerz,
Miss Cleo is not needed. - Posted by houserookie
Posted by houserookie on July 27, 2003 at 11:40:57:
Tom,
My fault. I assumed that since the original post
http://www.creonline.com/wwwboard/messages/80903.html
was made by someone in OH the topic must be about OH state law. I responded to you ( FL) because you responded to someone in OH. It is simply a note that your post may or may not apply in OH.
You bet I’ll be applying for conceal and carry next time I’m in FLA.
Cheerz,
Re: HOW to respond to…? - Posted by Jeffery (La)
Posted by Jeffery (La) on July 27, 2003 at 10:33:13:
WOW!! that’s the same way we do it here in Louisiana. Foreclosures and Marriages are very similar here, They both include a posse with guns. [
Jeffery (La)
Re: Miss Cleo is not needed. - Posted by Tom-FL
Posted by Tom-FL on July 27, 2003 at 14:03:08:
>> You bet I’ll be applying for conceal and carry next time I’m in FLA.
Just make your payments on time and you’ll be fine.
