Sorry, just blowing some steam here. My cousin bought a house sub2, and did ZERO DD, not even an authorization to release information. :banghead now he finds out the homeowner is 3 months past due on the mortgage, and they left no forwarding address. (thank you Cash for you earlier input) does my cousin have any way of reccouping any of his “U haul money” he put out?
trwilliams,
The seller is gone and so is the U-Haul money. Imagine taking the seller to small claims court if you could find out where to serve him the papers to appear.
Then standing before a judge and saying “I gave the seller x amount of dollars for the deed to his house, which he gave me, however he was 3 months behind in payments and did not tell me and I want my money back.”
Probably the next words your cousin would hear from the Judge is “case dismissed”, or a lecture on doing due diligence when purchasing a property, of course your cousin already knows that now.
So, chances are have your cousin consider this money as part of his education on the do’s and don’t s when doing a Sub 2 deal or any other creative investing deal.
Turn down the burner and let the steam disappear, just like your cousins money did.
John $Cash$ Locke
Thanx again Cash. Your input is highly valued and respected. I guess it’s still a cheaper education than a 20k boot camp
TRWilliams