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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Equity Purchase by non-Investor Posted by Mary-CA on June 21, 2002 at 10:46 PM Hi Ward, I would like to approach a homeowner whose condo is in foreclosure, with an offer to purchase the equity. I want to use the property as my personal residence. I have read previous posts on the subject and have a few questions: 1. Do I have to pay off the owner's existing loan in full - OR - do I bring the loan current and continue making payments - OR - get my own loan to pay off the pre-existing loan? 2. Is there any legislation, such as CA Civil Code Section 1695, that applies to equity buyers who will be owner/occupant (i.e., non-investor)? 3. Is there a different equity purchase agreement form that non-investors should use? Does the agreement protect me from other liens undisclosed by the owner? 4. The NOD was just recorded 2 weeks ago, so the owner still has a little time on their side. Should I wait until I get close to the auction date or should I approach the owner soon? 5. I am apprehensive about approaching the owner (especially since I need to figure out a way to get into the secured building). Have you ever had an owner reprimand you for showing up unannounced? I know you favor face-to-face interaction, but should I call and make an appointment first? Thank you. Follow Ups: hoodia Harry Juna 4:27 PM, 02/03/05 (0) Re: Equity Purchase by non-Investor Ward-CA- 5:16 AM, 06/23/02 (1) hoodia Harry Juna 6:40 PM, 02/03/05 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, : I would like to approach a homeowner whose condo is in foreclosure, with an offer to purchase the equity. I want to use the property as my personal residence. I have read previous posts on the subject and have a few questions: : 1. Do I have to pay off the owner's existing loan in full - OR - do I bring the loan current and continue making payments - OR - get my own loan to pay off the pre-existing loan? : 2. Is there any legislation, such as CA Civil Code Section 1695, that applies to equity buyers who will be owner/occupant (i.e., non-investor)? : 3. Is there a different equity purchase agreement form that non-investors should use? Does the agreement protect me from other liens undisclosed by the owner? : 4. The NOD was just recorded 2 weeks ago, so the owner still has a little time on their side. Should I wait until I get close to the auction date or should I approach the owner soon? : 5. I am apprehensive about approaching the owner (especially since I need to figure out a way to get into the secured building). Have you ever had an owner reprimand you for showing up unannounced? I know you favor face-to-face interaction, but should I call and make an appointment first? : Thank you. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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