Foreclosure Is On 4/4- Need Help
Hi,
Working on my first pre-foreclosure deal.
The owner has 3 vacant lots...all in a supply/demand area that will quickly sell for $25k each. He is behind on 2 of the lots (in foreclosure) - reinstatement fees, etc. total $3,666 to a private lender. There is a due on sale clause, so I am going to take title "subject to" the existing first and get the purchase contract/deed signed right away. He lives in another state, so he will probably get paperwork on Friday and back to title on Monday.
In the meantime, the payoff for the reinstatement is good through that same day, Monday, April 3rd. ....so I have to make up his back payments PRIOR by the same day his paperwork would probably return to the title company. The auction is on the 4th at 11:00 a.m.
As long as I have the faxed/signed purchase and sale agreement would you go ahead and send the cashiers check for the back payments?
Oh...and he only owes $16,k -ish on the properties....gold mine if I can do this the right, SAFE way.
Any ideas welcome!
I think I would send him papers federal express with another federal express envelope to send back so he can get the papers friday and return by federal express so you can get the original papers in your hand by saturday.
For a gold mine $50.00 for federal express is not bad investment.
I would also turn in payment by courier service special delivery to make sure it is received substantially before the property auction. Sometimes attorneys are too busy to check mails on auction day.
It sure is wonderful deal.
But if you like to share, how did you get in touch with the guy, through your own advertisement ?
Do I have to sign up to use him?