I have a Situation and Question to all the Gurus out there, maybe someone can give me a good answer for.
I have a lady who deeded her property away sub-to… However she was already behind in Taxes and Payments… The new Owner was supposed to pay all PITI and back payments…
This was not done as she said payments in arears and behind on taxes were not communicated to her when she took deed… so now its been over 5 mo. and no payment ahve been made…
As a Realtor I spoke to both parties to try to create a solution… my thing was i was gonna try to negotiate a Short sale with bank and market the property BMV.
Now when ive approached the deed holder/ new owner they dont want to list they just want to be rid of the property completely… they said they want basically deed the property to me…
This opens new questions,
is this adviseable…?
what happens now that foreclosure is underway, i fugure it’ll be at least a few months…
How would this affect me if i was to get the deed…?
The deal has no equity as is without SS
Would I be additionally sued for foreclosure process… because I have legal title.?
How should i handle this situation…? take it and rent it out till foreclosure takes place…
Negotiate with bank for a price say 2k deed in lieu of foreclosure…? so i could make something here…
Is there a CYA letter i need to use…
what else is there for risk on my behalf im missing here… or any other options…?
I would do a owner finance deal with a simultaneous closing !
THIS would be done for full value of the property (sold to you ) at the time of sale ! WITH a simultaneous close the old notes and taxs would be paid so as to make a clean title on the property !! IF there was any left it would go to the seller but it sounds as if there would be none ??
THERE would be no realtor fees as you are a realtor correct ?? ONCE this was all done i would rent out the house or option it for cash flow
I would also want to know from the current deed holder what happened. Did they try to find a tenant and it never worked out, etc. Find out why they failed so you just don’t take over their problem.
:cool YES that is true !!! AND should be done in your fact finding on the property !!! THE owne just may not hav worked very hard at it , or there could be a underlaying big problem!!! NEVER if you can help it go into buying a home with out doing some fact finding !!!
Im not sure i understand the owner finance part… simultaneous closing …
How this work?
i know the deed holder wants out and dosent want to have to pay taxes… and if i take it ill be responsible…
as far as I can see the place will need new financing because of the 5 mo behind and deeding the property the lender has called the already high ARM due and payable in full…
I will persue the lender to see if they would entertain a short sale or worse case get the deed for lender in lieu of forclosure for a fee… this was my strategy anyways…
do you think im on track…?
Although the previous owner will be on the hook for the short sale as they may 1099 her as earned income / for forgivness of debt…
How would this affect her if she is already on a fixed income & disablity and collecting social security… I wouldnt want her to be in Jeporady or endup owing or having to pay back money… or worse case senario mess her up in getting her disability & ss checks…
Please elaborate the details so i may find a win - win solution… Thanks for posting to this important discussion…