Need Quick Advice on a Pre Forclosure - Posted by Russ Sims


#1

Posted by Lee on December 03, 1998 at 22:05:03:

First!
Has a succession been done?
If not, the “sellers” are in great danger of losing
the house and all equity at (in LA) Sheriff Sale.
Chances are… if they could make the payments they would
have, hence now facing a foreclosure.
The potential heirs (sellers) cannot convey title to
the property without being sent into “possession”.
The “sellers” do not own the house.

I assume, Wooooo! What did I say?

I assume, You KNOW the Market Value of the house, you KNOW how to inspect the structure, plumbing, electrical ect.

My best advice…
1)Have a pro check for leins.
2)Buy the mortgage… (but don’t expect a discount if it’s a first).
3)Then, get a “quit claim” from EVERY family member (except the dog).
4)Give them a note if you have to, due after you sell the house, allow up to two years on the note (breathing room).

(Been there done that)

Lee


#2

Need Quick Advice on a Pre Forclosure - Posted by Russ Sims

Posted by Russ Sims on December 03, 1998 at 11:41:14:

Greetings! Found a nice 3/1 worth 70k. Its in great shape and every indication is that sellers will accept 55k to avoid foreclosure. I am making an offer in the hopes of obtaining O down financing. Sellers wont carry a note (it belongs to children of a deceased couple) and there is no assumable mortgage. My intent is to create a mortgage and sell it but if I fail at that, this may be a sweet deal for other local investors. I may be able to sell my purchase agreement to one of them. Do any of you have experience with this? Do I have to reserve my right to sell the contract by stating it in the purchase agreement? Thanks in advance for your input!
Russ Sims


#3

Re: Need Quick Advice on a Pre Forclosure - Posted by Bill Gatten

Posted by Bill Gatten on December 04, 1998 at 20:34:17:

Russ,

Maybe I’m missing something here but won’t the 0 down arrangment be compromised by the amount of cash you’ll need to get the property out of foreclosure?

By the way, where is the property and what stage of the “pre forclosure” is it in.

Bill