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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] JBB mechanics Posted by SeanW on April 20, 2003 at 10:21 PM Jorge writes: Get a deed and agreement to move from the owner before doing the JBB. Get a deed, buy the 2nd, file the deed, reinstate the first. If done in any other order is to risky. ------------- I see the basis of this. But isn't it just trading one set of risks for another? If you get the deed first, you may run into the problem of a 2nd that refuses to deal. After all, they may be tipped off that a better credit risk is now "on the hook". Suppose you get the 2nd before the deed, and maybe the owner feels some relief-- and tries to screw with you. You can still continue to debate with him, that his situation is going to get worse by going through the foreclosure of the 1st, and eviction by the lender. The pressure is still on him to do something. Just refuse to reinstate, until he moves out and you record the deed. (You also still have some time to continue to dicker with the 1st over reinstatement... maybe they'll drop some of the junk fees and just accept back payments and interest.) What if the foreclosure happens? Well, you lost your investment in the 2nd. But you probably also learned that the owner would have been such a hassle to work with, that you will be glad you never got that deed, and were able to scuttle the deal. I would even argue it's not worth buying the 1st at the sale, if things have soured to this point... Follow Ups: Re: JBB mechanics in a flat market Jorge 11:15 AM, 04/21/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Jorge writes: : Get a deed and agreement to move from the owner before doing : the JBB. Get a deed, buy the 2nd, file the deed, reinstate the first. If done in any other order is to risky. : ------------- : I see the basis of this. But isn't it just trading one set of risks for another? : If you get the deed first, you may run into the problem of a 2nd that refuses to deal. After all, they may be tipped off that a better credit risk is now "on the hook". : Suppose you get the 2nd before the deed, and maybe the owner feels some relief-- and tries to screw with you. You can still continue to debate with him, that his situation is going to get worse by going through the foreclosure of the 1st, and eviction by the lender. : The pressure is still on him to do something. Just refuse to reinstate, until he moves out and you record the deed. (You also still have some time to continue to dicker with the 1st over reinstatement... maybe they'll drop some of the junk fees and just accept back payments and interest.) : What if the foreclosure happens? Well, you lost your investment in the 2nd. But you probably also learned that the owner would have been such a hassle to work with, that you will be glad you never got that deed, and were able to scuttle the deal. I would even argue it's not worth buying the 1st at the sale, if things have soured to this point... 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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