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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: got first preforclosure call, excited!! what to do next?? Posted by ellis on March 24, 2004 at 11:44 PM In Reply to: got first preforclosure call, excited!! what to do next?? posted by Nancy LA on March 24, 2004 at 9:43 PM : I finally heard the voice a motivated seller facing foreclosure for the first time!! after 2 months of frustation sending out direct mails to preforeclosure list, posting signs, finally I got the first call.. I'm so excited!! : The house is 4b/2b 1400sf, build in 1991, at Pearlblossom, 2 1/2 acre. : She didn't want to tell me too much about her situation/mortage till I see her tomorrow. The house was rented out (1100/month), messed up by the tenents, they didn't pay her rent so she's few months behind on her payment, she just wants to sell!! : Option 1 : My plan is have her quitclaim the deed to me, take over payments,(I think she's still at the beginning stage of foreclosure..hope her lenders will not be suspecious of that..) make up back payments and give her some money if there's plenty of equity in the house.. I'll try to get it below 70% FMV including the fix up cost... I've heard that in CA, the preforeclosure seller have 7 days to change their mind after signing the contract. is that true? is there a form to give up that right? what are some of the other things I need to be careful not to step on the laws? : My exit plan is sell it via Lease Option or Owner financing. : option 2 -- if she doesn't trust me paying her mortgage : If ther's equity in the house, I'll make her back payments, sell the house for her and split the profit from proceeds.. what kind of paperwork do I need for that? like a purchase option agreement or something? : Are ther other better ways to do this? : Sorry, I don't have all the details on the house yet but I'm just very excited about it, and can't wait to share! : thanks : Nancy The 5 day waiting period only applies to owner occupied property. I would give her a 2nd trust deed that would give her recourse if she didn't trust you to pay her mortgage. Good Luck. esj Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I finally heard the voice a motivated seller facing foreclosure for the first time!! after 2 months of frustation sending out direct mails to preforeclosure list, posting signs, finally I got the first call.. I'm so excited!! : : The house is 4b/2b 1400sf, build in 1991, at Pearlblossom, 2 1/2 acre. : : She didn't want to tell me too much about her situation/mortage till I see her tomorrow. The house was rented out (1100/month), messed up by the tenents, they didn't pay her rent so she's few months behind on her payment, she just wants to sell!! : : Option 1 : : My plan is have her quitclaim the deed to me, take over payments,(I think she's still at the beginning stage of foreclosure..hope her lenders will not be suspecious of that..) make up back payments and give her some money if there's plenty of equity in the house.. I'll try to get it below 70% FMV including the fix up cost... I've heard that in CA, the preforeclosure seller have 7 days to change their mind after signing the contract. is that true? is there a form to give up that right? what are some of the other things I need to be careful not to step on the laws? : : My exit plan is sell it via Lease Option or Owner financing. : : : option 2 -- if she doesn't trust me paying her mortgage : : If ther's equity in the house, I'll make her back payments, sell the house for her and split the profit from proceeds.. what kind of paperwork do I need for that? like a purchase option agreement or something? : : Are ther other better ways to do this? : : Sorry, I don't have all the details on the house yet but I'm just very excited about it, and can't wait to share! : : thanks : : Nancy : The 5 day waiting period only applies to owner occupied property. : I would give her a 2nd trust deed that would give her recourse if she didn't trust you to pay her mortgage. : Good Luck. : esj 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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