Redeem Period
In Colorado we have a 75day redeem period. If the owner exercises this option on a first that was foreclosed on what then happens to the second?
Example:
1st = 300,000
2nd = 70,000
Sherrifs sale = 300,000 (bank won the bid)
Owner redeems for about 300,000. What happens to the 70,000 on the second? Can an investor buy for the 300,000 and not worry about the 2nd?
Thanks
Hey Topher,
I am in colorado too and I am in a transaction that I need to find out what is the best thing to deal with, it is still in pre foreclosure, but i need to hurry, there is not enough time.
It will be good if we can keep in touch of call us by phone to discuss details.
Ray Saenz, Realtor
This is a true modular home, on a permanent foundation and listed with the tax assessor. I am concerned with a buyer finding financing once I have done the rehab and have it ready for sale. I could keep as a rental property, or do a rent to own, but right now my situation makes it necessary to sell it right away.
Assuming you are right that it is a TRUE MODULAR HOME, your buyer will have no problem financing the purchase from you.
But, if it is actually a Manufactured Home (the fancy new name for a mobile home) that is a different story.
If you can view under the home you can tell for sure. The Modular is built on a concrete slab or a wood structure. The MH is built on a metal frame structure.
Both of these can have a block perimeter wall, be considered a permanent structure and can be taxed as real property.
[addsig]
Thanks bargain king. It is a true modular. I have checked it out and it fits the criteria, no steel floor joists or beams, no hitch, no axles or wheels. I have it under contract contigent upon an acceptable appraisel, which is scheduled for next week. The comps are coming in at 110-120k. I figure I will have 5000-6000 in clean up,repainting and new flooring. I have it under contract at 52k, so there is room to make some profit.
I just sold a Mobile Home (metal frame) on 5 acres in Jan 07 in Florida to an owner occupant. No financing issues with the buyer but you must realize from the lenders position the land value has a big part here.
MH was a 2001 Liberty double wide 4 bed 2.5 bath, very nice for a MH, 2k sq ft
David
office depot, or office max. very cheap.
I plan on doing a subject-to deal so there is no mortgage. Also, I do not plan on using a broker. So this is where I am at currently. At time of resale there will probably be a broker involved, but not during the purchase.