PHX area - newbie needs help w/1st possible deal - Posted by Jason_AZ

Real Estate Investing
#1

Posted by dewCO on November 01, 2000 at 23:48:24:

Absolutely, you need the seller to know that if the liens and title don’t check out the way you’ve been led to believe, you will not record the deed and will return the property to the owner. So besides the contract, you need the deed signed and notarized by the owner.

But in order to stop the sale, you need to either pay off the entire loan and amounts in arrears, or get the lender to accept money for a reinstatement and call off the sale. This is you need in writing. So, you got your buyer lined up for this deal, to close before the sale?

#2

PHX area - newbie needs help w/1st possible deal - Posted by Jason_AZ

Posted by Jason_AZ on November 01, 2000 at 08:28:13:

Okay, here it is, 7:21am and I have to call a potential new deal in about 2 hours. His house is going to auction on Friday afternoon. $90K in debt, he bought the house in 10/95 for $97,400. With a 5-10% average appreciation, and assuming there are no leins, I think I have a pretty good deal. I would like to just flip this property to gain some experience #1, and #2…make some cash. Anyone in the area interested in helping me (for a cut) or does anyone have any ideas they think would be of help? I know, I could have written faster right? Well, he called yesterday evening. If all else fails, could I buy time by getting a purchase agreement signed and using the “weasel clauses” later if things don’t go right (such as ‘based on partner approval’)? I’m also wondering if anyone has a list of questions they ask a caller in dealing with pre-foreclosures, such as a screening process? I read “Getting on the Same Page as the Seller,” by Joe, and am wondering if anyone has anything else to add. By the way, this is my 4th week into investing. I need all the help I can get. :slight_smile: Thanks in advance.