Does the deed need to state the full purchase price or can $1 be put in the deed to keep the purchase price off the public records, pertaining to PA and NJ thanks.
Essentially my strategy, except I prefer a much cheaper HELOC to hard money for the initial investment, and I put a bunch of work into the place and get it licensed and rented so I can justify the increased value with a little more than just saying "I got a real deal on it".
Be very careful. Laws vary significantly from state to state. Wyoming foreclosures are carried out either in court or out of court. The foreclosure process usually takes about two months, not including a redemption period of three months after the foreclosure sale.
Pre-foreclosure Period
In Wyoming, if no power of sale is included in the mortgage, foreclosure is conducted through the court system. Once the court declares a foreclosure, the property is put up for sale. However, when a power-of-sale clause is written into the mortgage, the lender has the right to sell the property without initiating court action to pay off the balance of the loan in the event of default.
In either case, written notice of the intent to foreclose on a property must be delivered to the borrower at least 10 days prior to the first publication of the notice of sale.
Notice of Sale / Auction
The notice of sale must be published in a local newspaper at least once a week for four consecutive weeks. Foreclosure sales in Wyoming are handled by public auction, with the property going to the highest bidder. All sales are at the front door of the courthouse in the county where the property is located. The sale takes place between 9 a.m. and 5 p.m., and is conducted by the person appointed by the county sheriff. Anyone, including the lender, may bid and the highest bidder receives a certificate of purchase. If the borrower does not redeem the property during the redemption period, the winning bidder receives full ownership.
The borrower has three months after the date of the sale to redeem the property, provided that they pay the amount of the purchase price from the auction plus an interest rate of 10 percent and any taxes due.
you may not be a lawyer but you are the first person in months to give me clear info on this type of thing
THANK YOU VERY MUCH, that info does help alot.
i was leary about bidding on a property just this morning and wish now knowing what you said that i had- oh well live and learn.
thanks again.
Just to clarify a little more, lenders will base their loan on the sales price, or appraisal - whichever is less.
Essentially my strategy, except I prefer a much cheaper HELOC to hard money for the initial investment, and I put a bunch of work into the place and get it licensed and rented so I can justify the increased value with a little more than just saying "I got a real deal on it".
Chris
Be very careful. Laws vary significantly from state to state. Wyoming foreclosures are carried out either in court or out of court. The foreclosure process usually takes about two months, not including a redemption period of three months after the foreclosure sale.
Pre-foreclosure Period
In Wyoming, if no power of sale is included in the mortgage, foreclosure is conducted through the court system. Once the court declares a foreclosure, the property is put up for sale. However, when a power-of-sale clause is written into the mortgage, the lender has the right to sell the property without initiating court action to pay off the balance of the loan in the event of default.
In either case, written notice of the intent to foreclose on a property must be delivered to the borrower at least 10 days prior to the first publication of the notice of sale.
Notice of Sale / Auction
The notice of sale must be published in a local newspaper at least once a week for four consecutive weeks. Foreclosure sales in Wyoming are handled by public auction, with the property going to the highest bidder. All sales are at the front door of the courthouse in the county where the property is located. The sale takes place between 9 a.m. and 5 p.m., and is conducted by the person appointed by the county sheriff. Anyone, including the lender, may bid and the highest bidder receives a certificate of purchase. If the borrower does not redeem the property during the redemption period, the winning bidder receives full ownership.
The borrower has three months after the date of the sale to redeem the property, provided that they pay the amount of the purchase price from the auction plus an interest rate of 10 percent and any taxes due.
Good luck. I am not a lawyer.
[addsig]
you may not be a lawyer but you are the first person in months to give me clear info on this type of thing
THANK YOU VERY MUCH, that info does help alot.
i was leary about bidding on a property just this morning and wish now knowing what you said that i had- oh well live and learn.
thanks again.