i.e- earnest money or money down to hold the property.
136828
Only consider an offer that comes with 1% earnest money (different states have different standards re: earnest money...you should ask a realtor what the local standards are) and ask the buyer to furnish you with verified mortgage approval (this will save you BIG disappointment later on. )  The earnest money is *not* yours.  It should go into a separate escrow account until closing.  You'll be legally liable for it, so DO NOT assume anything about it until the deal is done!\nIf the offer is acceptable, and those conditions are met, be sure you know the time frame in which the buyer wants a response, and follow through with your acceptance.  Ask when the closing will be (or request a specific date, if you have a date you need.)\nCall a title office and set a time when you'd like to close.  You might want to do this in tandem with your buyer, depending on the situation.  And be sure to talk with your own movers, etc, so you're ready to go.
32104
Go to the local District courthouse, it shouldn’t be to difficult. Don't go to an attorney, its probably under $2000 you don’t want to give half of that away to an attorney do you?\n\nGranted, attorney's can be very helpful in situations, but in small legal situations such as this you can do it.\n\nAlso, have you just tried telling the property owner that if they dont pay up then serious legal action will occur, with potential severe legal penalties? That my scare them into coming up with your money.\n\nP.S. Don't take a check, cash or a cashiers check only.
641471
When a property gets foreclosed on, and it's the first lien holder that is doing the foreclosing, then the second and third and fourth (etc.) will get wiped out at the foreclosure auction. What an investor will do is to buy/tie up the property from the defaulting owner and see if he can discount the first and second. The second will most likely agree to a small amount (usually 7-10 percent) because they will lose everything once the property gets foreclosed on. The first will usually accept a 20 percent hit.\n\nNow what you quoted is that the second note holder was stating that he will own the property by buying it from the person in default and take over the first position's loan payments and make it current. Therefore, he is not interested in selling his note to the investors. The investors in that example were idiots for not controling the property first or the owner didn't want to sell. The investors were hoping to buy the second note at a discount and bid at the auction and own the property with at least 15 k equity plus whatever the homeowner had in equity.  \n\nYou can buy any note by approaching the lending institution that holds the note and making an offer to buy it. You will need cash to do so.\n\nAlso, to clear up the quoted reference, you can purchase property "subject to" existing liens/loans. Taking property "subject to" means that you will take over the payments, but the old owner is still responsible for the loan(s). So if you stop paying the mortgage/trust deed, the lending institution will go after the old owner and start foreclosing on the property. Buying property "subject to" existing loans is one way where someone with no money and/or credit can get into a home and own it. The second note holder was buying the property from the defaulting owner using the "subject to" clause.\n\nI either confused you or helped you. Either way, I just saved you hundreds of dollars in late night real estate infomercials! ;)\n\nE-mail me if you have any questions.\n\nRegards
137259
I would suggest getting an up to date valuation from the company which initially valued the property at 50 to 60 k more. If the valuations are miles apart suggest that you would like to take the valuations to arbitration or contact the valuers institute and ask them for advice.
171776
There is a good chance that after all the research you have done to find a tax lien property, the property may be redeemed by the owner just prior to the sale. Since the bids are sealed you don't know what the other bidders are offering and if you have not properly determined the market value, you may overbid on a piece of property.
67762
20 years ago I had a Keogh that was drafted by my attorney that included provisions for borrowing a limited amount of money from the plan for a real estate investment. I don't know if the laws still allow for that. I do know that there are trustees that have flexible plans that let you do straight real estate investment.\n\ncheck this website.\nhttp://www.ekeogh.com/prohibited_transactions.html
524966
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
375217
Hi Sundance,\n\nIf they relinquish all legal and equitable interests in the property prior to this eventuality then there is no property to sell.\n\nPerhaps an express trust might be in order?\n\nAssuming your parents are in good health at the moment and this will not happen in the next few years then I cannot see a problem.\n\nEg. If they sold the house and gave you all the money from the sale tomorrow and you spent it the day after then the money is gone, is it not? That asset no longer exists.\n\nHave a talk with a solicitor that specialises in equity and trusts if this is of interest to you.\n\nThe other alternative is to sell the property with the clause that they continue to live in it for the rest of their natural lives. There are companies that do this and your parents live there rent free.\n\nThey can do what they want with the money.\n\nThis is another alternative to ensure the money goes where it is intended.\n\nAgain, speak to a solicitor.\n\nGood luck.
68521
It is a company that handles the transfer of real estate from one party to another.
221944
Anything they want unless the park is rent controlled or subsidized by the goverment. This is a common bait and switch tactic. The hope is that you will abandon the home and they can take posession and sell it off to the next sucker in line.
129468
No, it is not technically "your" money. It is the owners option to fix the gate or to leave it and pocket the money. It will be his loss in the future, if he ever decides to sell the property or whatever, he'll wish then (after the $$ is long gone) that he went ahead and fixed it now- just let it go and don't stress about it
368623
Around here....Please keep that in mind....States vary....But here if you can no longer qualify for you loan you can get your earnest money back.....In your contract the terms of the loan you were hoping to get should have been outlined..ie: interest rate, loan type, and length....If those items have changed you should get your earnest money back.......Keep in mind too when you do your home inspection you should be in total negotiation at that time too....So maybe you can find a TON of stuff wrong with the house and request seller repair them and if he doesn't  you can get out of the deal that way?...Hope this helps.....I hope you have a BUYER agent working for you...You may need to remind her/him that they are in fact working FOR you....Sometimes the contract is commission based for their interest instead of yours!!..Good Luck....
539903
Liquidated means selling part of the estate - stocks, real estate, whatever could be turned into cash.  If everything is real estate you might want to see about getting a loan to pay the taxes if you don't want to sell anything.
647809
It could if you don't get enough money from the proposed sale to cover all of the mortgages....or if the mortgage company doesn't agree.  It might be a good idea to consult a real estate attorney to get specific information for your situation.
204872
How much money are you talking about? If you paid for the taxes a year in advance, then the borrower should of reimbursed you at the time of closing. If you escrowed your taxes then you should get a check back for the balance remaining on your escrows from the company holding your money.\nIf your talking about a sum of money that would match the cost of an attorney representing you at the closing, I would call it a wash and move forward. If the funds are more than that, you can always go to small claims court and file a suite again the new owners. If you win the case and they fail to pay you your money, you can then request for a judgment lien to be placed on their property.\n\nHope it works out for you.
74973
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
597172
nobody is going to do 100% on a investment prop you are going to need to put money down. I am a Sr. manager at a mortgage bank