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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Finding a good deal... Posted by Ward-CA- on May 17, 2003 at 6:22 PM In Reply to: multiple deeds of trust posted by david on May 16, 2003 at 10:56 AM : iam interested in a property in north carolina. the house is in foreclosure and is set to sell at auction 7/1/2003. i have been researching the title record and have found several deeds of trust. : 1 the foreclosing deed is for $98,000 recorded in 1994 : 2 then there are 3 others for $15,000, $36,000, and $25,000 recorded in 1998,2000,2001 : 3 then there are 2 that say the "the maximum principal secured by this deed is not to exceed $300,000" also states "the word note mean the note dated ___ in the principal amount of $300,000 from borrower to lender.... there is one with the same language as above but the amount is $250,000. what are these? are they lines of credit, on the deed it offers no terms of repayment terms like it does in item 1 and 2 above. : im trying to figure out if i can get a good deal on this house paying off all existing leans before it goes to auction. i do not have the cash to buy at auction but love this house and would want to buy it as my primary residence. : any help would be appreciated : david =•=•=•=•=•=•=•=•=•=•= David, Get a reliable title report of all extant liens against the property’s title. Then get an accurate idea of the current fair market value (FMV) for the property and subtract the liens from the FMV to find the amount of equity available to you. Then offer what you feel is a good deal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : iam interested in a property in north carolina. the house is in foreclosure and is set to sell at auction 7/1/2003. i have been researching the title record and have found several deeds of trust. : : 1 the foreclosing deed is for $98,000 recorded in 1994 : : 2 then there are 3 others for $15,000, $36,000, and $25,000 recorded in 1998,2000,2001 : : 3 then there are 2 that say the "the maximum principal secured by this deed is not to exceed $300,000" also states "the word note mean the note dated ___ in the principal amount of $300,000 from borrower to lender.... there is one with the same language as above but the amount is $250,000. what are these? are they lines of credit, on the deed it offers no terms of repayment terms like it does in item 1 and 2 above. : : im trying to figure out if i can get a good deal on this house paying off all existing leans before it goes to auction. i do not have the cash to buy at auction but love this house and would want to buy it as my primary residence. : : any help would be appreciated : : david : =•=•=•=•=•=•=•=•=•=•= : David, : Get a reliable title report of all extant liens against the property’s title. Then get an accurate idea of the current fair market value (FMV) for the property and subtract the liens from the FMV to find the amount of equity available to you. Then offer what you feel is a good deal. 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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