What Is A Short Payoff Or A Deed Lieu?
Just have a property that is a steal. It needs to bought in one day. How can I do it?
Just have a property that is a steal. It needs to bought in one day. How can I do it?
Not much detail, is it a forecloser ? Do you have cash? How is title? If title clear, get purchase agreement written. I did this last week, owner was going to loose it by morning it Had 60K equity in it. Checked with my title CO. and everything looked good so wired money to bank, paid off her loan saved it from the sale, gave her option to buy it back for 15K more . If they buy it back then I miss out on the rest but I felt kinda sorry for them.
You really do not have time to do a due dilligence on this property. And it sounds like you do not have enough cash yourself to payoff their loan. In this situation, the only thing I would recommend is for you to try and postpone the sale. Call their lender on Monday, and try to postpone.
The owner has skipped to Canada and is unable to be found.
So what do I do then, since he is not there?
Thanks for the help! I obviously have a lot to learn, and appreciate you pointing that out. I am just jumping in and saw a great opportunity.