Posted by Bob K on April 20, 2006 at 20:26:05:
I feel I need to clarify that the property has gone to auction already (3/9/06)
The “Bank” was the only bidder. Michigan has a 6 mo. redemtion period if there is less than 2 acre’s and is occupied.
Owner is in that redemtion period now.
I apoligize if my earlier post was not clear on that point…If it makes any difference.
Bob K
Kristine-CA or lukeNC Re: Deeding property - Posted by Bob K
Posted by Bob K on April 19, 2006 at 20:07:10:
Hey Guys, regarding my post on April 15,“Assign or Double close”, the homeowner is going to deed the property to me if that’s what I choose to do.
Say, for instance, the house doesn’t sell before the redemtion period is up, what are the consequences to myself and to the homeowner…The lender takes the deed and I’m not clear on what else happens?
I can step in and payoff if I have to,but she doesn’t care if it goes back.
Any thoughts?
Get all this in writing… - Posted by lukeNC
Posted by lukeNC on April 20, 2006 at 08:45:32:
Get all this in writing…no guarantee to sell or stop the foreclosure. Disclose, disclose, disclose. Then get the deed and start marketing the heck out of it!
If all else fails and the lender takes the home back, you’re out clean and easy.
But, hopefully you’ll clear a few dollars.
Re: Kristine-CA or lukeNC Re: Deeding property - Posted by Joe Kaiser
Posted by Joe Kaiser on April 20, 2006 at 01:55:15:
Don’t take a deed from the homeowner. It’s rarely a good idea to get
the deed.
Sure, getting the deed gets you the house, but it also gets you a bull’s
eye on your back (something you ought to avoid).
Tie it up and get someone else involved. Let them get the deed and get
you a check.
It’s time we all rethink the whole “get the deed” thing. Forget about the
deed. I know I have.
Joe
Re: Get all this in writing… - Posted by Joe Kaiser
Posted by Joe Kaiser on April 20, 2006 at 18:09:11:
The “you’re out clean and easy” thing . . . I totally disagree.
Totally, all encompassingly, disagree.
Joe
Re: Kristine-CA or lukeNC Re: Deeding property - Posted by Bob K
Posted by Bob K on April 20, 2006 at 05:57:42:
Hi Joe,
Could you take a minute and explain how “getting the Deed” would put a target on my back?
Thanks, Bob K
Re: Kristine-CA or lukeNC Re: Deeding property - Posted by Joe Kaiser
Posted by Joe Kaiser on April 20, 2006 at 18:05:20:
If you get a deed from this fellow and that property ends up going to
foreclosure sale, no matter what you may or may not have disclosed or
agreed to, you’re at risk of getting smacked in the face with a lawsuit
bigger and badder than anything you can imagine.
That notion that you made no promise or have an agreement that you
aren’t guaranteeing anything will be of no value to you and have no
effect whatsoever when the matter comes before a sympathetic judge.
He trusted you and you lost that guy’s home in foreclosure. End of
story. He’s going to say you promised him you’d get it taken care of,
you failed miserably, and now his credit is ruined and “he’s lost
everything.”
Why would you ever place yourself in that situation?
Getting a deed gets you a property and a bull’s eye on your back, and if
you don’t know and understand that, you’re setting yourself up for big
problems down the road.
Forget about the deed. You can accomplish all of this without a deed
ending up in your pocket, and doing it that way keeps you out of
harm’s way.
Joe