Sale Is Today, Need Help Quick!
Trustee sale is this morning at 11:00. I have been unable to determine the status of a lien that is superior to the one that is foreclosing. House FMV 110k, auction minimum bid is 73k, needs 10k rehab. A couple of questions...
1. The lien holder is "Elm Trust National Property Center". Anybody have a contact number? Even if I do contact them, would they give me the payoff ?
2. This lien was originally written as a second to a different deed of trust. The original first was subsequently refinanced. Normally, I would think that the primary lienholder would require any superior liens to be paid off before funding. However, there is no record of any satisfaction for the old lien. I am going to read the deed to see if there is a subordination clause in it, but would that apply to the new lien?
Thanks for any help
Hi bc1,
There certainly isnt enough information, nor enough time to make a Wise decision on this transaction. It is ok to let this one go, beleive me, there are going to be hundreds more of these throughout the next 12 months.
I've seen way to many investors RUSH to purchase because they thought it was a good deal (and didnt do all of their homework), only to be caught with their Financial shorts down! Keep your shorts up, tighten your belt, and go out and grab the next one!
Best of Success!
BAMZ
I agree with BAMZ.
Too many investors rush into somthing, thinking its such a good deal
Thanks for the replies.
Sorry if I sounded off the wall on this deal, believe me, I have done my due diligence. This is the last piece of the puzzle that I have not been able to place. I have checked with the title agency that wrote the foreclosure guarantee, as well as the trustee, but niether could (or would) give me the info I needed.
The nature of trustee sales in my neck of the woods seems to be that the trustee does not come up with a minimum until the last minute, making for a mad rush on any missing information. However, if I can't find out the skinny on this DTR, I will pass on this sale.
Thanks again
Well, I'm glad you missed the sale (or at least I hope you missed this sale).
There's nothing here to bid on with some (UFO) lien which may have priortiy.
"Haste can make waste!" Due diligence MUST be complete prior to getting excited about a deal. The RESULTS of a complete due diligence will determine if you have a deal. GREAT JOB to find the property, so do not loose momentum. If foreclosures in your area will always be this cumbersome, can you choose another real estate investor technique? The homes are out there, do not be discouraged.
Eric & Rosa
[addsig]