Posted by Darryl on March 22, 2011 at 12:07:07:
So this is a cheaper way to buy property? Buy the note on an empty property and then keep the property
buying non performing notes - Posted by Darryl
Posted by Darryl on March 22, 2011 at 03:14:18:
If you buy a non performing note and the property is vacant can you just keep the house.
Being conned? - Posted by John Merchant
Posted by John Merchant on March 24, 2011 at 20:19:19:
Sounds to me like somebody’s trying to sell you a phony bill of goods here.
It’d be most rare for you to find an empty house with no claimants and I’d say that’s just unlikely to occur.
In first place you should buy NO notes on RE w/o getting a title policy showing exactly what liens are on the property and what security your note has, if any.
And if you did find delinquent note on empty house that might not buy you anything…as w/o some kind of foreclosure action by you showing on deed records, the title holder might deed it to some 3d party and then you’d have to fight with that 3d party over possession of the house.
It has happened that a house will be basically abandoned but before you could safely profit from it you should look at its title, then its rentable condition before getting deeply involved or putting any money into it.
Re: buying non performing notes - Posted by James Harris
Posted by James Harris on March 22, 2011 at 10:22:41:
Possibly, you’ll may have to go ahead and foreclose.