Do You Get A CO And Smoke Detector Certificate
This is the first subject to I have done, and I am about to do two of them. This might be a stupid question, but are you suppose to notify the fire dept and get a CO and smoke detector certificate.
Thank you in advance.
Joe
If you are supposed to, then that is a local rule. A CO would come from the county building inspector, rather than the fire department.
You are not very clear, what did the sellers signed? did you put any good will money down? did they sign the Power of Attorney to you? Auction date is set only after the foreclosure has been closed. Have you contacted the Lender of your purchase? Can you be more clear?
Well I know that here in FL whoever has the deed has the house. It seems like the law would be on your side. A contract is just that a contract. You have the right to hold them to it. If you are not going to let them out, consider getting them evicted.
all depends on how much you stand to make on the deal. if your going to make 20k + on it then i sure wouldnt let them out. i would go and record the deed mistake and all (no one will even see the mistake unless they sue and there attorney tries to bring up a technicality) and start the eviction. obviosly its not going to be pretty and they will probably trash the place but if you stand to make alot thats what you do. tell them you wont let them out unless your short gets denied which it just may. never get your hopes up on a short sale. you could tell them you will give them a grand if they leave the place spotless when they leave.
the auction is in 7 days? can you close within that time frame. seems kinda tight unless youve got cash on hand. has the b.p.o. even been done yet? please explain more about your time frame and planes on how your going to close it. usually takes the b.p.o./appraiser a week just to get the thing back to the bank.
good luck.
there should be a attorney handling the foreclosure who u can contact to figure out whent the sale date is. dont go by the banks estimate get a definite on that one. and yes your right it should be recorded at the courthouse if there is one and posted in the newspaper a week in advance.[ Edited by ZinOrganization on Date 07/14/2005 ]
Why did the notary certify the deed if the signatures were in the wrong place?
Rather than pushing through with a short sale, why not negotiate with the note holder to just buy the note. Pay what you would have paid for the deed, but buy the note instead.
Now, let the sellers do what they want. If they are in default on your note, foreclose on them. If they get a buyer who will pay FMV, you still get a nice profit. If they go to foreclosure, you get the property.
Once you have the note in hand, you could always offer to accept a deed in lieu of foreclosure. No matter what happens after you get the note, you either get the property or get paid.
[ Edited by NewKidinTown2 on Date 07/14/2005 ]
Now I am confused if you have their Power of attorney why do you have an issue? in your contract do you have a clerical mistake clause? Did you give them adequate consideration? And make sure your state doesn’t afford the seller a write to cancel. In California a seller in foreclosure has 5 days after be given notice of their right to cancel to actually cancel the contract on residential 1-4 unit properties.
RoninAZ,
I forgot to tell you..The house appraised at $73 before the rehab and last year I had a buyer who had an appraisal come in at $90K, but he did not qualify for financing. Problem is that this is not the most desirable neighborhood and I think some people are scared off by that, even though the city has been giving money in this area for revitalization projects. It is also listed in the "Empowerment Zone" for low income assistance.
I agree with the owner financing. That way you have the note, they pay you and you have control over your own credit. Or list it with a realtor. You will have to pay the fee but they can probably help you get free from the house.
Instead of selling just sub to, Get an All-Inclusive Trust Deed or Wrap around Mortgage. This gives you protection and requires the buyer to honor the terms and conditions set forth in the existing financing and it gives you the power to force them to comply. This way you can offer owner financing to get more prospective buyers and have control. You can have the buyer make one payment to you and you pay the first mortgage yourself or allow him to make the payments seperately, I would definately take the first.