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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You already know the previous owner doesn't qualify for a loan. Posted by JK (the other JK) on June 15, 2009 at 3:55 PM In Reply to: serious in getting confirmations posted by Skimmer on June 15, 2009 at 3:23 PM : Thanks JK! What I said is my opinion. I am serious in getting confirmations from other pros. : Skimmer : : : : Hi Ward, : : : I purchased a house at trustee sale this month, and had a chance to talk to previous owner's attorney on phone. He said they are in the process in doing loan modification, and the bank verbally agreed to postpone the sale, but the trustee just went ahead and sold the house. He wanted me to give his client, the previous owner a chance to buy it back, since he just got a new job, he really wants to stay. : : : I am ok with the plan to sell it back to him if he can buy it back at the current, or at least close to current market price. : : : But I think I am just wasting my time, since he just got his house foreclosed upon, had a bad credit, of course no savings. How can he afford to get a loan to buy? I also think giving him a chance first may later involve legal issue if he can't get the loan, and he doesn't want to move. His attorney may use this as a reason to fight back for him. : : : Am I correct? Or what do you suggest? Should I go ahead ask him to move out, if not eviction follows? or should I give him a chance? : : : Thanks, : : : Skimmer I guess if he can prove that he has a close relative that can help him out, I might consider it. I'd require a large nonrefundable deposit to be released to me immediately for the privilege of what will most likely end up a huge waste of your time. Yes a contract of sale from the previous owner would most certainly muddy the waters and delay an eviction. Under no circumstances would I allow the previous owner to put his name on anything, I'd require the close relative to use my lender and I'd still go ahead and give the 3 day notice and start the eviction process with the understanding that you will cancel it if the relative can actually come through. Seriously I'd guess there is about a .01% chance of this deal happening. Follow Ups: Re: You already know the previous owner doesn't qualify for a loan. Geri 7:31 PM, 06/15/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks JK! What I said is my opinion. I am serious in getting confirmations from other pros. : : Skimmer : : : : : : Hi Ward, : : : : I purchased a house at trustee sale this month, and had a chance to talk to previous owner's attorney on phone. He said they are in the process in doing loan modification, and the bank verbally agreed to postpone the sale, but the trustee just went ahead and sold the house. He wanted me to give his client, the previous owner a chance to buy it back, since he just got a new job, he really wants to stay. : : : : I am ok with the plan to sell it back to him if he can buy it back at the current, or at least close to current market price. : : : : But I think I am just wasting my time, since he just got his house foreclosed upon, had a bad credit, of course no savings. How can he afford to get a loan to buy? I also think giving him a chance first may later involve legal issue if he can't get the loan, and he doesn't want to move. His attorney may use this as a reason to fight back for him. : : : : Am I correct? Or what do you suggest? Should I go ahead ask him to move out, if not eviction follows? or should I give him a chance? : : : : Thanks, : : : : Skimmer : I guess if he can prove that he has a close relative that can help him out, I might consider it. I'd require a large nonrefundable deposit to be released to me immediately for the privilege of what will most likely end up a huge waste of your time. Yes a contract of sale from the previous owner would most certainly muddy the waters and delay an eviction. Under no circumstances would I allow the previous owner to put his name on anything, I'd require the close relative to use my lender and I'd still go ahead and give the 3 day notice and start the eviction process with the understanding that you will cancel it if the relative can actually come through. Seriously I'd guess there is about a .01% chance of this deal happening. [ 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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