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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] URGENT! Desperately Need Help by 8/25/03! Posted by Ann on August 24, 2003 at 9:55 PM We came across the following deal and would really appreciate your feedback: House after repaired value: ~$580,000 Repair costs: ~$10,000 (painting, shampooing carpet, cleaning) Mortgages: First of ~$345,000, Second of ~$85,000 Seller wants $5,000 cash and saving credit/stopping fc Situation: Seller is going through foreclosure, recently received Notice of Default Our offer to seller: We'll buy property for what's owed on it subject to the existing loan and give $7,000 cash to seller at closing. Our agreement indicates that we would bring the loans current and/or paid off (in the case of the 2nd mortgage) and cover the mortgage during the holding period, plus all closing costs during the close of escrow. We're thinking of borrowing enough from a private lender to bring the first loan current and pay off the second loan, plus borrowing holding costs until we can find a buyer. We're thinking of doing repairs after the seller vacates and then put up the property for sale. We had offered to pay the seller $7,000 when they vacate. Questions: 1) What we've structured so far, is it the best plan of action? 2) At what point should we record the deed? Are there any rules against transfering title if the loan is in default? 3) When should we give the seller the $7,000? Should we give half when they move out and half when we get the new buyer to close? Help! Follow Ups: Don't rush too much. You need time to check and double check. Ward-CA- 11:10 PM, 08/24/03 (2) Re: Taking a Deep Breath Ann 6:48 PM, 08/25/03 (1) What's fair?? Ward-CA- 9:46 PM, 08/25/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : We came across the following deal and would really appreciate your feedback: : House after repaired value: ~$580,000 : Repair costs: ~$10,000 (painting, shampooing carpet, cleaning) : Mortgages: First of ~$345,000, Second of ~$85,000 : Seller wants $5,000 cash and saving credit/stopping fc : Situation: Seller is going through foreclosure, recently received Notice of Default : Our offer to seller: : We'll buy property for what's owed on it subject to the existing loan and give $7,000 cash to seller at closing. Our agreement indicates that we would bring the loans current and/or paid off (in the case of the 2nd mortgage) and cover the mortgage during the holding period, plus all closing costs during the close of escrow. We're thinking of borrowing enough from a private lender to bring the first loan current and pay off the second loan, plus borrowing holding costs until we can find a buyer. : We're thinking of doing repairs after the seller vacates and then put up the property for sale. We had offered to pay the seller $7,000 when they vacate. : Questions: : 1) What we've structured so far, is it the best plan of action? : 2) At what point should we record the deed? Are there any rules against transfering title if the loan is in default? : 3) When should we give the seller the $7,000? Should we give half when they move out and half when we get the new buyer to close? : Help! 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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