Buying Notes,ss
Well , I was calling on behalf of a homeowner . and got no where with them for ss I didn't care since he called me two days prior to Sale date.
But in the conversation she asked me what I did and I told her
She then procedded to ask me if I would be interested in buying the notes on 2 properties in my area
I said sure
1# She told me house has been vacant for some time and that she didn't think I would have problems with homeowners.
the house has a sale date set for third week in August.
I asked what kind of discount she would give .
she told me due my DD and get back with her.
In the process of pulling title house has been in foreclsure since july of last year
Judgement amount is close to 499,000 high end home.
second home the judgement is about 450,000 and was first put in foreclosure..
But it was first put into foreclosure on 9/2002 and is sch.. for sale date early July
What questions/information should I be getting from her?
What kind of dicount Should I be looking at.
Thanks Dave
Look for other liens
check out the property as best you can
Are you prepare to carry the note, if the owners do come current.
Are you prepare to chase them thrui backruptcy court
At least in CA, you must still conduct a trustee sale if you hold the note. You're the "bank"
I've been looking into this a bit. You can get some outragious deals, if you have the cash to buy and carry the note. The problem is, I don't have that much w/o leverage.