looking for info on how to close with a seller “Table Closing”.
See if i got this right. contact seller**
Seller release form- loans, liens etc.
Title search
Negotiate a deal. Get contract signed. either cure the loan & take over payments, or buy at a discount (seller financing) or buy and refinace the loan.
Everything is good with title, Have them deed you the property. have it recorded, warranty deed, all intrusive trust deed? when do I use an AITD???
Talk to lender to discount the mortgage. Do i do this be for I get the deed or after? Can I do this if I only have a seller release form for the liens on the propery?
Sell to investor, retail or lease option it, rent it.
Is this the right order and what am I missing? All the help the better. ATTACK ME PLEASE, I NEED HELP…
Is there anyone out there who can send me in the right direction? I wanted to know if I had the previous post right about how to proceed with a pre forclosure??? PLEAE HELP!!!
I have wrote 60 pre foreclosure letters to sellers on inquring about there property. I have also wrote 112 letters to residents about inquring the property (older homes) to persue in a flip. I am sending my 2nd set next week to keep them going to see if I get any return phonecalls. I am just a liitle confused on the process (pre-foreclosures.) If any one can help me out a little that would be great since I am a Newbee. I may have the right idea but my steps may be wrong.
Do your buyers have any cash? Most don’t. There is a negative savings rate in this country. So forget about a cash buyer coming in to pay retail. It doesn’t work. So to cure an fc is going to take at least 5-7K. Where’s the money?
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I have the money to bring the property up to non-preforclosure and also the money for a flip. The question I have was in my first post (a table closing, steps?)
I know I won’t be able to sell retail because the market is flat in AZ, but you make your money when you buy, not when you sell.
My issue is do I have the owner sign the deed over before or after I talk to the lenders to discount the mortgage?
Also, how does a AIT work in Arizona or any other state, it should be close to the same as other states, right?
looking for info on how to close with a seller “Table Closing”.
See if i got this right.
contact seller**
Seller release form- loans, liens etc.
Title search
Negotiate a deal. Get contract signed. either cure the loan & take over payments, or buy at a discount (seller financing) or buy and refinace the loan.
Everything is good with title, Have them deed you the property. have it recorded, warranty deed, all intrusive trust deed? when do I use an AITD???
Talk to lender to discount the mortgage. Do i do this be for I get the deed or after? Can I do this if I only have a seller release form for the liens on the propery?
Sell to investor, retail or lease option it, rent it.
Is this the right order and what am I missing? All the help the better. ATTACK ME PLEASE, I NEED HELP…
Sounds like you are on the right track. I’ll tell you this, phoenix is pretty competitive. So, here are my thoughts:
Contact seller, negotiate the deal, have them sign releases and contracts right there. If you don’t, someone else will. Always try and walk away with control of the property.
You can do a preliminary title search to see how it looks. (I always use a Title Agency, so I don’t do kitchen table closings. But if you do, you need the warranty deed notarized. Just call up a mobile notary when you are ready to close.) Use a general warranty deed. Here is a little ditty on AITDs http://www.escrowinfo.com/aitds.html
If it is a short sale, contact the lender and negotiate with them. You need to have a purchase contract signed, but do NOT get the deed.
When all looks good, close. Then do with it whatever makes you happy. and money.