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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Here's a doable deal.. Posted by Bob Pischke on July 03, 2003 at 10:32 PM In Reply to: Here's a doable deal.. posted by Ward-CA- on June 30, 2003 at 12:54 AM : : I didn't start out looking for a house to purchase! However a neighbor that lives in my dream home is letting it go into foreclosure along with her Bankrupcy. I never thought I'd have an opportunity to live there but now I do! : : However it's now 30 days before the house is to be sold at auction on the court house steps and I do not have back from homeowner our Offer to Purchase Paper and can not get access to the home for the apprasial both of which I need for my mortgage consultant. There are still a few days left for this to happen in time, however I'm not hopeful she will pull her act together in time. (for anyone reading this whom is a homeowner I can't image not selling when there is a buy who will save you from the foreclosure!). : : My question is, if we can not buy home from homeowner, then I will have to pay cash to her mortgage company as I can not fullfill my requirements to MY loan company to arrange financing. I can come up with quite a large chunk of it and I have already talked with homeowner mortgage company and have a good idea of what to bid, considerably less than we offered the homeowner. : : I do have some background with real-estate inregards to rental property, but not with buying like this. I read some information on hard money lending and I didn't qualify for what I read about since this is under $500,000 and not mult-family or commerical property. : : MY question is: Is there money out there available to me for short term without apprasials on property and such? : : Enjoy reading this board! So much valuable information - looking forward to meeting Ward someday! WOW! (i assume that is your picture with your granddaugher!?) : : Thanks : : pattyk : : Missouri 2 things first Bk stops foreclosure sales(until approved by BK judge) second you submit an offer to trustee then they either agree/disagree/turn down/counter then don't forget when you get the release from the bk estate to get(in writing) a release of equity on property otherwise you won't get "equitable" title (ie no title insurance) Happy hunting!!! : -=-=-=-=-=-=-=-=-=-=-=-=-=- : Patty, : Why not buy the house now? Settle on a price and down payment amount with the owner and then give them a promissory note, secured by a deed of trust or mortgage against the property for the remainder of the owner’s equity—subject to the existing liens. : That way you’d have all the time you need to reinstate the delinquent loan(s) and then shop around for the best refinancing loan you could find. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I didn't start out looking for a house to purchase! However a neighbor that lives in my dream home is letting it go into foreclosure along with her Bankrupcy. I never thought I'd have an opportunity to live there but now I do! : : : However it's now 30 days before the house is to be sold at auction on the court house steps and I do not have back from homeowner our Offer to Purchase Paper and can not get access to the home for the apprasial both of which I need for my mortgage consultant. There are still a few days left for this to happen in time, however I'm not hopeful she will pull her act together in time. (for anyone reading this whom is a homeowner I can't image not selling when there is a buy who will save you from the foreclosure!). : : : My question is, if we can not buy home from homeowner, then I will have to pay cash to her mortgage company as I can not fullfill my requirements to MY loan company to arrange financing. I can come up with quite a large chunk of it and I have already talked with homeowner mortgage company and have a good idea of what to bid, considerably less than we offered the homeowner. : : : I do have some background with real-estate inregards to rental property, but not with buying like this. I read some information on hard money lending and I didn't qualify for what I read about since this is under $500,000 and not mult-family or commerical property. : : : MY question is: Is there money out there available to me for short term without apprasials on property and such? : : : Enjoy reading this board! So much valuable information - looking forward to meeting Ward someday! WOW! (i assume that is your picture with your granddaugher!?) : : : Thanks : : : pattyk : : : Missouri : 2 things : first Bk stops foreclosure sales(until approved by BK judge) : second you submit an offer to trustee : then they either agree/disagree/turn down/counter : then don't forget when you get the release from the : bk estate to get(in writing) a release of equity on property : otherwise you won't get "equitable" title (ie no title insurance) : Happy hunting!!! : : -=-=-=-=-=-=-=-=-=-=-=-=-=- : : Patty, : : Why not buy the house now? Settle on a price and down payment amount with the owner and then give them a promissory note, secured by a deed of trust or mortgage against the property for the remainder of the owner’s equity—subject to the existing liens. : : That way you’d have all the time you need to reinstate the delinquent loan(s) and then shop around for the best refinancing loan you could find. : : Hope this helps. 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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