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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Contract to purchase after foreclosure..... Posted by Kristine-CA on May 07, 2010 at 6:12 PM In Reply to: Contract to purchase after foreclosure..... posted by Apex on May 06, 2010 at 11:07 AM Apex: your questions and answers are SO unclear, which leads me to believe you don't know much about loans, trustee's sales, liens and the IRS. Nothing wrong trying to learn what you don't know, but if you want to learn anything here, you'd be better served by laying out the deal in language/terms that make sense. Are you working with the owner? You refer to note holder but then owner, which is it? Who is the lender? What, exactly, liens are there? How much and what type? Are there recorded IRS liens? IRS liens are different than making payments on a payment plan. Have you actually researched the property title situation? Or are you getting all the info from the owner? If the owner is already in foreclosure, you must be careful. There are state laws in place that require you give certain disclosures and certain time frames in your agreement with the seller. : I am trying to buy some properties that are int eh foreclosure process right now. I was wondering if anybody has heard of entering into a purchase contract on a property in anticipation of it being foreclosed upon? : The properties are owned by a private investor that holds two notes on four properties. He basically wants his money back, but the properites are worthless unless foreclosed upon. : I was thinking that he could have his minimum price at the sheriff's sale be Really high so nobody bidding can get the properties. HE can then take them back then I can buy them immediately from him? : So basically I would have a purchase agreement or agreement to purchase directly after foreclosure is complete. : Comments? Follow Ups: Re: Contract to purchase after foreclosure..... apex 9:57 AM, 05/10/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Apex: your questions and answers are SO unclear, which leads me to believe you don't know much about loans, trustee's sales, liens and the IRS. Nothing wrong trying to learn what you don't know, but if you want to learn anything here, you'd be better served by laying out the deal in language/terms that make sense. : Are you working with the owner? You refer to note holder but then owner, which is it? : Who is the lender? : What, exactly, liens are there? How much and what type? : Are there recorded IRS liens? IRS liens are different than making payments on a payment plan. : Have you actually researched the property title situation? Or are you getting all the info from the owner? : If the owner is already in foreclosure, you must be careful. There are state laws in place that require you give certain disclosures and certain time frames in your agreement with the seller. : : : I am trying to buy some properties that are int eh foreclosure process right now. I was wondering if anybody has heard of entering into a purchase contract on a property in anticipation of it being foreclosed upon? : : The properties are owned by a private investor that holds two notes on four properties. He basically wants his money back, but the properites are worthless unless foreclosed upon. : : I was thinking that he could have his minimum price at the sheriff's sale be Really high so nobody bidding can get the properties. HE can then take them back then I can buy them immediately from him? : : So basically I would have a purchase agreement or agreement to purchase directly after foreclosure is complete. : : Comments? [ 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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