I have had a deal thrown in my lap and I need to take advantage of it but I need help. I think this is a subject 2. Owner has a balance of about $45000 on his house…he is $3000 behind on his payments and has no job right now. I have offered to pay the past due and give him some funds to move in exchange for the warranty deed. I have read that I can get signatures on the warranty deed and then just take it to the courthouse and file it or go through a closing and they will do a title search, etc. If I go through the closing, do I just get a standard purchase agreement signed now with a release of information form? Can I please get some ideas on either or both of these? Which is better or safer? Which should I do? I don’t have a lot of time because the house is going to auction in a little over two weeks. thanks so much! :help
Lin,
First, you need to be KNOW the laws in your state. In many states, including my state of Ohio, you may not be able to pay the past due and stop the foreclosure. You may have to pay the mortgage IN FULL in order to stop the foreclosure. The banks are often not willing to do any type of deal this close to the auction.
The bottom line is that you don’t know enough to do this deal. It is not enough to have read something somewhere or to have heard that you can do this or that. Business in unforgiving of mistakes. I would strongly suggest that you become educated on all of these issues so that you’ll be prepared next time.
Mike
May I suggest a book??----Making Big Money Investing in Real Estate, without tenants, banks, or rehab projects BY Peter Conti & David Finkel…No plug,just a good book. All about lease options.