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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Find a bigger fish to fry.... Posted by Ward-CA- on October 18, 2003 at 9:26 PM In Reply to: No Equity in the Property posted by Roman on October 18, 2003 at 12:02 AM : Hi, Ward and everyone out there! : I wish you all well this weekend:) Get some rest from hard work. : I am still working on Saturday and because of it I have a question. : Ward, could you please comment on it. : If I am looking at the property that does not have equity now. Seller is very distressed and motivated to sell because it was a fixer-upper 6 months ago, after fixing it she let tenants in and they don't pay, NOD against her was filed in September 03. Tenants won't move out. : Question: Since there is no equity, can I avoid using EPA and use Subject To contract, also would I avoid 5 days of rescission in this case? I want to help this lady; she does not know what to do. I will try to maybe short sale her loans or reinstate default one, and then lease/option the property to NICE tenant/buyers for the future appreciation since there is no equity today. By the way before that I would have to evict her tenants that she said are very bad and not cooperative. : I will appreciate a lot any comments on this scenario. : Thank you in advance. -=-=-=-=-=-=-=-=- Roman, No, it doesn’t matter what amount of equity the defaulting owner does or doesn’t have as far as the applicability of Civil Code Section 1695. But, from the wording of your post above, I just wonder if the owner lives on the subject property. Because if she doesn’t reside on the property the Code does NOT apply. Personally, I wouldn’t be interested in any deal that has no available equity at the time of bargaining. It’s too speculative for me to assume I subsequently could make something significant out of nothing. I’d find a bigger fish to fry. Hope this works. Follow Ups: Bali Hotels and Villas John M. 10:46 PM, 12/23/03 (0) Diet Pills Maggie 10:06 PM, 12/22/03 (0) Diet Pills John D 12:28 AM, 12/19/03 (0) Diet Pills Maggie 5:00 AM, 12/08/03 (0) Diet Pills Jeff Whitley 9:41 PM, 12/01/03 (0) Phentermine RX 2:38 AM, 11/27/03 (0) Viagra Sandy 9:00 PM, 11/24/03 (0) Phentermine Eric Ridley 3:17 AM, 11/24/03 (0) FDA Peter 0:58 AM, 11/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, Ward and everyone out there! : : I wish you all well this weekend:) Get some rest from hard work. : : I am still working on Saturday and because of it I have a question. : : Ward, could you please comment on it. : : If I am looking at the property that does not have equity now. Seller is very distressed and motivated to sell because it was a fixer-upper 6 months ago, after fixing it she let tenants in and they don't pay, NOD against her was filed in September 03. Tenants won't move out. : : Question: Since there is no equity, can I avoid using EPA and use Subject To contract, also would I avoid 5 days of rescission in this case? I want to help this lady; she does not know what to do. I will try to maybe short sale her loans or reinstate default one, and then lease/option the property to NICE tenant/buyers for the future appreciation since there is no equity today. By the way before that I would have to evict her tenants that she said are very bad and not cooperative. : : I will appreciate a lot any comments on this scenario. : : Thank you in advance. : -=-=-=-=-=-=-=-=- : Roman, : No, it doesn’t matter what amount of equity the defaulting owner does or doesn’t have as far as the applicability of Civil Code Section 1695. : But, from the wording of your post above, I just wonder if the owner lives on the subject property. Because if she doesn’t reside on the property the Code does NOT apply. : Personally, I wouldn’t be interested in any deal that has no available equity at the time of bargaining. It’s too speculative for me to assume I subsequently could make something significant out of nothing. : I’d find a bigger fish to fry. : Hope this works. 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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