New To Buying Pre-forclosures!
I want to buy pre-forclosures and have a basic knowledge on how to go about doing it. My only question is, if I have the homeowner sign over the deed to me can I assume the current loan in my name, then have a buyback option for the person that lives there in one year.
Thanks
John
Check with your state foreclosure laws, but it is a good rule of thumb to never let the seller do a rent back as they may claim they thought they were just getting a loan... And not selling the house...
I Always give cash for keys and cash for deeds... No exceptions..
[addsig]
You might also want to check out the difference between "assuming" the loan and taking the loan "subject to". Subject to is usually the best way to go.
read read read read read read, and ummmmmmmmmmm read
Tony:
I think you forgot read.
Brian