Question About PreForeclosure

Comments(8)

• 
  SKHunter7th August, 2003

  Have a contract with contingencies that allow you to hold it, but to get out of it if you need to. Include subject to approval of attorney, approval of business partner, ability to secure financing, approval of inspector, etc.

• 
  jllaco7th August, 2003

  can I do something without having the final price in the contract? I want to try to contact the 1st and 2nd to see if they will discount at all, even if they don't, it is still a good deal.
  
  Thanks

• 
  TheShortSalePro7th August, 2003

  That's not the way it's done, generally.
  
  Lenders are not so informal that they'll grant you a discount without first reviewing some hard documentation.
  
  Why not make the Contract reflect the price you want to pay, and simply make it subject to and contingent upon mortgagee short sale approval. You'll need to produce a Contract as part of the short sale application and Proposal anyway.
  
  If the short sale proposal is rejected, you can always then agree to pay more for the property.

• 
  jllaco8th August, 2003

  any pros or cons of having her sign the two loans over to me and the property?

• 
  TheShortSalePro8th August, 2003

  There are always pros and cons with any 'creative' real estate acquisition strategy. By accepting a Deed without paying off the existing liens (purchasing the property subject 2) you may invalidate any possibility for a mortgagee approved short sale.
  
  Perhaps this isn't a suitable ss candidate since you feel that it's worth it with or without any short sale consideration.

• 
  way_motivated8th August, 2003

  You could also try to buy the 2nd at a discount if a short sale doesn't seem possible.

• 
  Sash8th August, 2003

  If the mortgage is in the person's name how do you get the mortgage paid off and the title into your name?
  
  Mike

• 
  GSmith8th August, 2003

  get the deed
  power of attourney
  purchase contract showing what you want to buy the property for
  Authorization to release