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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Good deal? Posted by Gary on August 20, 2003 at 6:24 PM In Reply to: Re: Good deal? posted by jom-CA on August 20, 2003 at 4:38 PM : Some questions: : 1) Why do you need to pay this guy $18k for making up the first? You will pay that to the lender of the 1st once you buy the 2nd from this guy. : 2) Why buy the 3rd? I don't really see how that is necessary...unless they won't do the deal with you otherwise. : Once you are the bene on the 2nd, make up the back payments on the 1st and then foreclose on YOUR 2nd. You won't be able to continue with this until the BK is thrown out so why not negotiate with the seller instead of a foreclosure? : jom To answer your questions: 1) The 18K has already been paid, so the first is current. 2) He won't sell unless he gets money for both the 2nd and 3rd plus the 18K he's already paid. Really, my question is how to take ownership once the BK is thrown out. I understand the trustee sale wouldn't do me any good for profit since I would be paying full price for the junior bene's plus the 18K. Of course, if no one else bids on the property at the sale, I would take possession. But, this is highly unlikely considering the quality of the property. So, my best alternative appears to be working a deal with the homeowner. But, at what stage of the process do I do this? Do I wait until the BK is thrown out? Should I let her know we can throw the BK out but she'll have to guarantee the deed of the property? Or, don't buy the junior liens and let the guy with the junior liens get the BK thrown out. In the meantime, convince the homeowner to deed the property over to me, letting her know she'll be saved from a BK and getting a chunk (small) of the profit. Than tell the guy with the junior liens to hold on while I rehab and sell the property, and pay everybody off. Ward, I apologize for the long note. I'm sure you'll have a concise answer that will make perfect sense. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Some questions: : : 1) Why do you need to pay this guy $18k for making up the first? You will pay that to the lender of the 1st once you buy the 2nd from this guy. : : 2) Why buy the 3rd? I don't really see how that is necessary...unless they won't do the deal with you otherwise. : : Once you are the bene on the 2nd, make up the back payments on the 1st and then foreclose on YOUR 2nd. You won't be able to continue with this until the BK is thrown out so why not negotiate with the seller instead of a foreclosure? : : jom : To answer your questions: : 1) The 18K has already been paid, so the first is current. : 2) He won't sell unless he gets money for both the 2nd and 3rd plus the 18K he's already paid. : Really, my question is how to take ownership once the BK is thrown out. I understand the trustee sale wouldn't do me any good for profit since I would be paying full price for the junior bene's plus the 18K. Of course, if no one else bids on the property at the sale, I would take possession. But, this is highly unlikely considering the quality of the property. So, my best alternative appears to be working a deal with the homeowner. But, at what stage of the process do I do this? Do I wait until the BK is thrown out? Should I let her know we can throw the BK out but she'll have to guarantee the deed of the property? Or, don't buy the junior liens and let the guy with the junior liens get the BK thrown out. In the meantime, convince the homeowner to deed the property over to me, letting her know she'll be saved from a BK and getting a chunk (small) of the profit. Than tell the guy with the junior liens to hold on while I rehab and sell the property, and pay everybody off. : Ward, I apologize for the long note. I'm sure you'll have a concise answer that will make perfect sense. 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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