Pre-Fore's? While at the Courthouse
If a foreclosed property is up for auction in a couple of months, does the owner still have the right to sell the prop? Can I still put it under contract and assign it?. Also, the LP's doesn't give any amounts due. Does anyone know about title searches at the Courthouse?
How to's.....I have a contract on a prop. w/$195 ARV that I picked up for $155. The payoff is $154,449. It needs about $10k. in coz...and I'm asking $167 neg. -$164. I have a potential that has listed his prop. contingent. (will hold for 1 wk) or I gave him the option of pulling some equity from his house ($8 - 10k) and for $8, I'll assign the contract and he can use the leftover for his current mortgage till his house sells. (Shouldn't be long, a good resale value on his) ..Any comments on what I'm doing and would any one do this any differently? Thanks ,
P.S. I hope to hear from John $ Locke. 
[ Edited by pbodys on Date 04/16/2003 ]
pbodys,
Glad to meet you.
Quote:
Q. If a foreclosed property is up for auction in a couple of months, does the owner still have the right to sell the prop?
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A. Yes, the owner still has the right to sell the property, untill the actual auction is over.
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Q. Can I still put it under contract and assign it?.
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A. Yes. you can put it under contract and assign it.
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Q. Also, the LP's doesn't give any amounts due. Does anyone know about title searches at the Courthouse?
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A. If you go to your local Courthouse and go to whatever department deeds are recorded in, there will be someone who works there that will help you research the property you are interested in. This is a great thing to learn how to do, even if you use a title company to reasearch for you later on in your career.
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Q. How to's.....I have a contract on a prop. w/$195 ARV that I picked up for $155. The payoff is $154,449. It needs about $10k. in coz...and I'm asking $167 neg. -$164. I have a potential that has list his prop. contintgent on mine. or I gave him the option of pulling some equity from his house ($8 - 10k) and for $8 I'll assign the contract and he can use the leftover for his current mortgage till his house sells. (Shouldn't be long, a good resale value on his) ..Any comments on what I'm doing and would any one do this any differently? Thanks ,
P.S. I hope to hear from John $ Locke.
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A. As long as you have done your due diligence and checked for the exact mortgage balance, leins or encumbrances so there are no suprises for your buyer the deal sounds good to me.
You are being fair with your buyer and leaving something on the table for the next person, good for you. This is what keeps the deals coming your way.
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John $Cash$ Locke