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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Got started this week Posted by Ben on December 05, 2003 at 2:15 PM This week I got started on purchasing preforeclosures. Been using the newspapers and a listing service to find recent Lis Pending lists. I have a few questions now if anyone can help.. When I meet with home owners, should i make an offer on the spot. For most properties I can get values and last paid from Homegain.com and will know the outstanding loan balance and missed payments. At what points should i get an appraisal and Title Search and how fast can I get them. My offer sheet has "subject to Appraisal and Title Search on it". I have all the financing I need to do a bunch of deals if needed. I wont be engaging in "Subject to existing mortgage" I think it's kinda sleazy to ask someone to deed you their house and expect you to be honorable enough to continue or extinquish their mortgage that is still in their name. Some of these "Making money in foreclosures" books actually tell you that you have no risk in this circumstance and almost tell you that you can walk away thus leaving the owner with no home and a mortgage. If I did engage in having them deed me their house should i issue a note to them? I just find it hard to believe that some homeowner would deed a house and still have the mortage in their name. Follow Ups: Re: Got started this week SeanW 3:49 PM, 12/05/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : This week I got started on purchasing preforeclosures. Been using the newspapers and a listing service to find recent Lis Pending lists. I have a few questions now if anyone can help.. : When I meet with home owners, should i make an offer on the spot. For most properties I can get values and last paid from Homegain.com and will know the outstanding loan balance and missed payments. At what points should i get an appraisal and Title Search and how fast can I get them. My offer sheet has "subject to Appraisal and Title Search on it". I have all the financing I need to do a bunch of deals if needed. : I wont be engaging in "Subject to existing mortgage" I think it's kinda sleazy to ask someone to deed you their house and expect you to be honorable enough to continue or extinquish their mortgage that is still in their name. Some of these "Making money in foreclosures" books actually tell you that you have no risk in this circumstance and almost tell you that you can walk away thus leaving the owner with no home and a mortgage. If I did engage in having them deed me their house should i issue a note to them? I just find it hard to believe that some homeowner would deed a house and still have the mortage in their name. 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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