help!! not much time!! preforeclosure!!
here it is:
foreclosure sale set in couple weeks
If I do a short sale then I have to buy the property Right?
If I do a "subject to" then I make up pymts to lender and resell [ I think the pymts missed are over a year at about $1k/mo which would be a lot of money
Or maybe I should wait til foreclosure and buy w/ hard money or have financing in order
Also, if I bid @ foreclosure, should I have a title co investigate 1st or do I just go over the records myself @ court house?
Overall what would be the best way to pursue this deal??
equity about $30-$40k
thanks ya all!
The homeowners have just moved the lis pendens was filed 5/02
I think they were just going to let it go,
I know the people and am waiting for them to call me back so probably if they don't then I was going to consider bidding at the foreclosure sale
It is my understanding that at an auction you have to have 10% dwn and the balance in 24-48 hrs..I think it's 24 hrs. If you're prepared to come up with that amount of $ then why the concern over the back pymts?
and... even if you were to try and do a sub-to you'd still have to make up the back pymts...hence-- subject to "the existing" financing. Then...either make the pymts yourself or find a buyer.
You're not going to do a short sale so close to the sheriffs sale.. and the LP was probably filed 5-2 02. The people stayed there mortgage free for a year.
Perhaps you should just find an investor, make your deal and split the $30-$40k dwn the middle. Sounds like you're going to need certified funds to do this one.
Also, when was the last time you actually been inside the house. maybe the 30-40 is half gone in cosmetics.. Plus what other liens are held against this prop.?...seems like too much to consider in such a short amt. of time. especially since you're considering shelling out so much $..
We're in the business to make $ not gamble with it.
Hope this helps.
Clif
Thanks,
pbodys junior Investor
I guess I'm too close to the sale time
What is a good time frame to offer "subjest to"?
Thanks again
L
Not the Sub-to person. (yet)
Ask John Locke. If this is your interest , you might consider buying his manual on the subject of subject to's.
I hear it's the $*#$!...Just ordered it myself.
Clif