L/O situation - Posted by Tim Jensen

Posted by Tim Jensen on March 25, 2000 at 14:43:44:


I like that idea. I was thinking along those lines except I would pay his 2 weeks rent in hotel (only 240). I may have to pull that get out before 2 weeks or no deal ploy too.



L/O situation - Posted by Tim Jensen

Posted by Tim Jensen on March 25, 2000 at 06:57:07:

Hi All,

I have a L/O signed up but I am in a bit of a situation. Here sre the details:

I signed up a guy on a L/O where he is 1800 behind in paymenst. I spoke with the mortgage company and they told me that they have sent the case to their in-house lawyer for foreclosure. That means that it will be about 2 weeks before they start the foreclosure (this will add at least 1500 to the cots). I told the mortgage company what I was going to do and the guy had no problem as long as the payments are made and brought current.

My problem is the owner said they need 3 weeks to get out. He is a single guy. The actual foreclosure is going to be filed in 2 weeks. Any ideas on how to get this guy to move quicker? Because I know that I am not going to be paying the $1800 in rearages until he vacates.



Another suggestion… - Posted by GregNorman

Posted by GregNorman on March 25, 2000 at 22:37:38:


I have found that folks behind on their payments have a higher chance of having more problems in the future, which could jeopardize the whole thing (if not protected correctly w/ memo of option).

I would suggest you take the property subject to. That way you don’t have to worry about future title problems b/c you have the deed.


Re: L/O situation - Posted by phil fernandez

Posted by phil fernandez on March 25, 2000 at 07:17:09:

Hi Tim,

I’d bribe him with cash. How bout this, if he gets out in one week he gets $300 cash, if he gets out in 10 days he gets $200 cash, if he gets out in 14 days he gets $100 cash. If he doesn’t get out until after the foreclosure starts he gets nothing plus you don’t do the deal and he has a foreclosure on his record.

You’re smart not paying the $1,800 to bring the loan current until he does move out.

Re: Another suggestion… - Posted by Phillip

Posted by Phillip on March 30, 2000 at 19:50:39:

In a typical situation, say the owner offers the deed during the discussion phase of selling his home. When he offers the deed in a “subject to” arrangment, what form or forms are needed to close the deal? A quit claim deed form? Would I contact the mortgage company to let them know that this has been done? I would have the deed but the property will remain in the name of the owner of record until I sell or refinance, right? This is the meaning of “subject to”? Right? Thanks!!!

Re: Another suggestion… - Posted by Tim Jensen

Posted by Tim Jensen on March 26, 2000 at 08:30:50:


I was thinking about getting the deed, but there is very little equity in it.