Pre Foreclosure

Comments(15)

• 
  JeffAdams23rd February, 2004

  negative

• 
  WheelerDealer23rd February, 2004

  Depends on what you call "control"
  
  
  Once a property is a REO then it is basicaly a REPO. it has been taken away for it to be resold to satify the debt.
  
  However, if there is a redemption period then all control is not lost untill that is over!!

• 
  omega124th February, 2004

  Welcome to TCI bigdemtp41,
  
  to receive the precise answer you need to ask more precise question and many of us here would be glad to help.
  
  Depends on your state law, once the BANK takes it, you are out of luck unless you have the redemption period like the Texans do; 6 mo, pretty generous for my taste!
  
  Short the redemption time Texas and foreign state investors would gladly come.

• 
  InActive_Account24th February, 2004

  In Alabama we have a 1 year redemption period.

• 
  jonna_nixon24th February, 2004

  I just read on this...there is NO right of redemption in Texas.

• 
  WheelerDealer25th February, 2004

  You are correct. there is no redemption in Texas except for a Tax foreclosure.

• 
  adambeal126th February, 2004

  New to the game and asking for advice on how to handle the paperwork of a pre-foreclosure. OK, so I talk someone into selling me their home before the auction. I see what kind of outstanding liens are on the property through a title search, figure out how much is still owed on the delinquent mortgage, and give the owner some cash to walk with on top of that. I have them sign a purchase agreement. Now where do I go from there?

• 
  SuperDude26th February, 2004

  I am trying to get stated off as an investor and heard that pre forclosures is the way to go. Now i have no previous experience in pre forclosures only in fsbo's. So my question was "How can i find pre forclosures or distressed properties?" I would really apreciate all the help i can get .
  Thank You

• 
  DealerJo27th February, 2004

  Are tax foreclosures good money savers?
  
  Where do I find nex tax foreclosures in Dallas and how do I pay for them?
  
  _________________
  I Want to Sell a Lot of Cars, Farms and Have a Lot of Fun Guys. That's life in Dallas. Yeah! Go Texas! [ Edited by DealerJo on Date 02/27/2004 ]

• 
  adambeal12nd March, 2004

  Does anyone have any advice that they'd be willing to lay on me regarding my question a few posts up? Thanks so much.

• 
  kellyntx2nd March, 2004

  adambeal1,
  
  YOu should really get John's book if you dont have it already. It have a guide in there that tells you exactly what paperwork you need when buying and selling, it also shows you when to give it to the seller.
  
  Kelly

• 
  adambeal12nd March, 2004

  Kelly:
  
  You mean John Locke's book? Does he have more than one? Is there one in particular? Thank you thank you.

• 
  kellyntx2nd March, 2004

  Yes his "Subto, That's What I Do"

• 
  adambeal12nd March, 2004

  John sure seems to be the man about town as far as TCI folks are concerned. I'm convinced. John, you have another buyer. Thanks.

• 
  kellyntx3rd March, 2004

  I have learned a lot from the forums as well. I went back through the archives and just read until my eyes hurt. So much useful information on here and the people on here are so nice and helpful. You have definately come to the right place.
  
  Kelly