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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deal questions Posted by matt on May 11, 2003 at 11:22 PM Hi Ward, Here's the scenario: Trustee Sale date of June 4 Property in Northern Calif. EPA signed May 6. Lots of net equity (about $100K) $10K to bring loan current, $93K owed. One loan only. Title company is backed up and can't deliver prelim until Wed/Thurs of this week which is 2 or 3 days after waiting period expires. Seller agrees to move June 11. He gets some money upon move out, but most after resale. I offered to advance him a bit more to move early. Questions: How do you handle or who do you use for insurance since loan is still in his name? What special instructions do I tell title/escrow since he is carrying back most of his equity, but the exact amount is unknown since it depends on how much net equity is there? I plan to use a title company and is there any risk in waiting to get prelim if it delays the close a few days? If sale date is June 4, I have until May 27 to bring loan current? If he decides not to vacate after I bring loan current, do I then evict and what should I watch out for in that case? THANKS!! Follow Ups: Closing the deal... Ward-CA- 10:16 PM, 05/12/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, : Here's the scenario: : Trustee Sale date of June 4 : Property in Northern Calif. : EPA signed May 6. : Lots of net equity (about $100K) : $10K to bring loan current, $93K owed. One loan only. : Title company is backed up and can't deliver prelim until Wed/Thurs of this week which is 2 or 3 days after waiting period expires. : Seller agrees to move June 11. He gets some money upon move out, but most after resale. I offered to advance him a bit more to move early. : Questions: : How do you handle or who do you use for insurance since loan is still in his name? : What special instructions do I tell title/escrow since he is carrying back most of his equity, but the exact amount is unknown since it depends on how much net equity is there? : I plan to use a title company and is there any risk in waiting to get prelim if it delays the close a few days? : If sale date is June 4, I have until May 27 to bring loan current? : If he decides not to vacate after I bring loan current, do I then evict and what should I watch out for in that case? : THANKS!! 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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