??? ??? Hi Folks, I’m a newbie in Texas and I need some suggestions as to a preforeclosure I am trying to qualify as a possible wholesale candidate. The owner is absentee (out of state) and just wants out of the property however he has a tenant in the property who is in arrears on the rent ( therefore the foreclosure action ). I can not view the property without disturbing the tenant . Any suggestions as to how I can gain access to assess the property prior to making an offer to the owner . Thanks in advance for your suggestions, microbe.
Hey,
Your owner should get you access to the property as well as evicting the tenant in the process. You can always go ahead and make an offer with contingencies in case it is trashed (count on it).
Peace,
Richard
Thanks Richard, I hadn’t really thought of that because of the time frame on the foreclosure. I am trying right now to see if there is enough time to get it done before the end. The house has a pool and I am not sure of the condition so it could possibly be a liability instead of an asset. Adding $20K or reducing the value. I am trying to get some input from a pool guy. Thanks again Richard.
Hi Richard, something else crossed my mind, if I write an offer and the owner excepts it can he then delay the foreclosure proceedings with the lien holder or once it is scheduled is it a done deal? Thanks beforehand , Mike
Hey,
What do you mean by pre-foreclosure? Are you in the 21 days before the sheriff’s sale or has the lender not filed yet and has just sent the owner threatening letters? Are you trying to short sale? You can get the owner to sign a sale contract which you can present to the lender to start negotiations and thus postpone any subsequent actions on part of the lender but you have to work directly with the lender. Don’t trust the owner on this. All contracts should have an out contingency clause in them for your protection.
Peace,
Richard
Thanks Richard, I did not know I could deal directly with the lender on this type of deal. I will do my due dillegence and see if I can make it work. I’ll let you know how it turns out. Thanks again, Mike
Not being a jerk, but know the difference between “accept” and “except”. If you ever have to use it in a contract, it would make a world of difference in the meaning.
Most leases have a clause that allows owner or their representatives to walk through the property with X hours of notice. Check with the owner to see if his lease had that clause, then post on the property door of your intent to walk through. Give them a phone number if the tenants want to let you walk through at a certain time, otherwise you will walk through between xx:00 p.m. and yy:00 p.m. Get the key from the owner or hire a locksmith to pick it for you. Call the cops beforehand to let them know what you are doing if you anticipate trouble from the tenants.
Thanks turbo, it does make a difference ( except or accept). My wife is a transcriptionist and she uses affect and effect constantly and there is a difference there as well. I need all the tutoring I can get. Thanks again , Mike