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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 5 days clause, if auction is less than 5 days Posted by Ellis on July 18, 2010 at 9:01 AM In Reply to: Re: 5 days clause, if auction is less than 5 days posted by michaela-CA on July 17, 2010 at 9:44 AM I understand the frustration. I would be cautious rushing to do a deal blinded by big equity. The key is to find ways to delay the trustee sale to address the risk of you losing your money if you cure the owners mortgage. Think about what reasons the lender might agree to postpone a sale. Make sure you read CC 1695 & understand the ramifications. Foreclosure buying is a tricky beast that can bite you back hard if you don't know what you don't know. Best of luck : So, is this forum only for people that have been to Ward's courses? : I don't want to be rude, but it doesn't help me to say that that's : in Ward's training. : If I have an awesome deal that can net me several hundred K, and : I have the cash to cure, then why shouldn't I? I would think : that makes it a lot cleaner transaction, then trying to do a sub 2. : : I wouldn't cure anyones mortgage unless I could delay the sale. Ward goes over this in his training. Then proceed accordingly in compliance with CC 1695 : : Ellis : : : : : I'm wondering what to do, if you come across a really hot pre-foreclosure and the seller is willing to let it go for a steal. : : : BUT, the auction is less than 5 business days, and the contract gives him/her 5 business days to back out. : : : How do you avoid the possibility that the seller let's you pay off the mortgage and then changes his mind the day after? Follow Ups: Re: 5 days clause, if auction is less than 5 days michaela-CA 3:39 PM, 07/18/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I understand the frustration. I would be cautious rushing to do a deal blinded by big equity. The key is to find ways to delay the trustee sale to address the risk of you losing your money if you cure the owners mortgage. Think about what reasons the lender might agree to postpone a sale. Make sure you read CC 1695 & understand the ramifications. : Foreclosure buying is a tricky beast that can bite you back hard if you don't know what you don't know. : Best of luck : : So, is this forum only for people that have been to Ward's courses? : : I don't want to be rude, but it doesn't help me to say that that's : : in Ward's training. : : If I have an awesome deal that can net me several hundred K, and : : I have the cash to cure, then why shouldn't I? I would think : : that makes it a lot cleaner transaction, then trying to do a sub 2. : : : I wouldn't cure anyones mortgage unless I could delay the sale. Ward goes over this in his training. Then proceed accordingly in compliance with CC 1695 : : : Ellis : : : : : : : I'm wondering what to do, if you come across a really hot pre-foreclosure and the seller is willing to let it go for a steal. : : : : BUT, the auction is less than 5 business days, and the contract gives him/her 5 business days to back out. : : : : How do you avoid the possibility that the seller let's you pay off the mortgage and then changes his mind the day after? [ 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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