Was just wantting to know is any one useing this way to buy preforeclousers ?
And if so what if any problems are you haveing ?
And are you haveing to use any special or extra paperwork ?
Last do you have many takers as in how many out of say 20 to 50 tries ? :biggrin
WOW where is every one ?
is no one doing this or useing this way to get preforeclousers ?
I would be careful as to what you do with regards to a pre-foreclosure property. The laws concerning what is called “Equity Stripping” are very state specific when it relates to distressed sellers.
Check with an attorney or state real estate commission to know and understand your states laws!
A “subject too” recording may violate the distressed property laws which were created to protect property owners from being preyed on in this situation.
This is very true
But if you go in and make up the back payments some how and you start making the payments just as you have implied /said you would then really you have not become a equity skimmer but a helper
And the person is going to be out of house /home if they do work with you and more then likely even if they do not in most cases
But with working with you they will be in hopes of in a better way and not just out of house /home
i’ve heard one investor mention that some banks are even asking “so you want to take over the payments?” or something similar. so it looks like some might be desperate enough to get money whatever way they can.
theoretically they can call the loan do. looks like you’ll have to plan your exit strategy carefully in case you need to unload the property quickly.
Thank you for the replyies
The exit would be simple get the property refi ed as soon as possible
And or to get it sold on some kind of contract as soon as possible
Take your profit/cut and move to the next one
I wouls think it is not a hard process but a vey simple one