Quote:
On 2005-04-01 22:44, billinseattle wrote:
Depends.
What is home worth, what is debt and what is the lawsuit about? Does it have a lis pendens that is clouding title or is it just the suit?
The home is worth $630k, the debt is about $470k. It has a suit, claiming fraud clouding title. The house was taken in pre-foreclosure. The Homeowner is trying to take it back. No lis pendens.[ Edited by RE_investor on Date 04/01/2005 ]
the HO is probably going to claim she was taken unconscienable advantage of in the transaction. CCC 1695
I would try to negotiate with the former HO & find out what she wants. Maybe you can strike a reasonable deal with her & still profit. If she is on a fixed income,getting a quick & sure cash settlement now may be very appealing compared to a drawn out legal battle.
Depends.
What is home worth, what is debt and what is the lawsuit about? Does it have a lis pendens that is clouding title or is it just the suit?
Quote:
On 2005-04-01 22:44, billinseattle wrote:
Depends.
What is home worth, what is debt and what is the lawsuit about? Does it have a lis pendens that is clouding title or is it just the suit?
The home is worth $630k, the debt is about $470k. It has a suit, claiming fraud clouding title. The house was taken in pre-foreclosure. The Homeowner is trying to take it back. No lis pendens.[ Edited by RE_investor on Date 04/01/2005 ]
the HO is probably going to claim she was taken unconscienable advantage of in the transaction. CCC 1695
I would try to negotiate with the former HO & find out what she wants. Maybe you can strike a reasonable deal with her & still profit. If she is on a fixed income,getting a quick & sure cash settlement now may be very appealing compared to a drawn out legal battle.
RE_Investor,
You mention above, "The HO was given a lease with an option to by (not a very smart thing in California especially)"
Why do you say this?[ Edited by ArtieFort on Date 04/04/2005 ]
Quote:
On 2005-04-04 11:50, ArtieFort wrote:
RE_Investor,
You mention above, "The HO was given a lease with an option to by (not a very smart thing in California especially)"
Why do you say this?
<font size=-1>[ Edited by ArtieFort on Date 04/04/2005 ]</font>
Because, the property was in pre-foreclosure, and if lease with an option to buy is done, it could be interepreted as usurious loan by CA law.