Trying 2 Get My Feet Soaking Wet or Sprinkled...
Well I must admit I never thought that I would reach this point but I have. I am running my first add in the paper and I am hoping to come across some pre foreclosure deals in my area. I am armed with a seller information form and five thousand dollars. I am hoping to aquire property by having the home owner quit deed the property over to me and avoid the foreclosure on ther credit and curing the default. What other information will I need to make this happen. team player needing advice in Georgia. Thanks [ Edited by lornadawn on Date 11/09/2002 ]
Do you plan on doing a Short Sale or Sub 2?
Yes I have considered both options, but my I plan on buying a property and then doing a lease option[ Edited by lornadawn on Date 11/09/2002 ]
lornadawn,
From reading your post, you are already headed down a road to serious problems.
First you say Quit Claim deed, all this does is transfer whoever signs the QC's interest in the property. There may be other people who have an interest in this property so all you do is join them in owning a peice of the property. You want a Warranty Deed or other device that transfers the property 100% to your corporate entity signed by all of the property owners on title.
You will have to check and make sure the lender or lenders will accept the back payments on the property before doing any paperwork except the Offer and Acceptance Agreement with the proper due diligence clauses.
I am just concerned that you are running an ad looking for sellers, then do not have the proper State Specific forms to complete the transaction to protect yourself and the seller. Then you must also provide protection for your buyer.
If you have all the neccesary forms and paperwork, then you are set to go, are you?
John $Cash$ Locke
lornadawn,
One more thing, you will need a 're-instatement letter' from the lender. Otherwise they can take your money say thank you and still foreclose.
Not all lenders do this but you may run into one that does, better safe than sorry.
Believe me I am not trying to stop you from doing your first deal, only offering some guideance so you do it properly.
John $Cash$ Locke
thank you very much for the information. I certainly appreciate it thats the reason I'm here.
LornaDawn:
How'd the property deal go on this one?
Have you gotten the letter from the lender as to the re-instatement terms/amount needed to 'cure' the loan default?
We are anxious to know how everything worked out for you & the owner on this deal!
Let us know soon!
Derrick
[addsig]