seller is behind on 1st and taxes - Posted by Bryan

Posted by David Butler on June 18, 2001 at 20:04:30:

Hello Bryan,

Unfortunately, you haven’t really provided any meaningful information to work with…

But - yep, there are many ways to purchase property… along with advantages and disadvantages depending on the needs of the principals (both you AND the Seller), third-party requirements (lender, and tax authorities in this case), the local marketplace, and the overall circumstances and particulars of the deal.

Can you get it cheaper through tax certificates… generally, but it depends on the bidding… and that is a busy marketplace in it’s own right… same thing with auctions. Now, the reason they are busy, is that people who are looking to do what you want to do, looked for a niche to work in, and chose that niche… so, you are likely to have at least some competition, and some wait time between now, and tax sale/foreclosure auction. Who knows what that will be?

Right now, it sounds as you have first crack at making something work… what solution is best… hmmmm, you can answer that best yourself (quick, easy suggestion - have a look at Bill Bronchick’s ALTERNATIVE REAL ESTATE FINANCING course, at http://www.creonline.com/c-181.html

Also, go through the Main Discussion Group here at creonline, and select the appropriate keywords from your post here, and enter them in the Search facility over there. This type of question has been asked and answered in probably 200 different ways… some very close to what you are seeking to know - so you can gain a lot of useful perspective, and various aspects of the same questions.

Hope that helps, and Happy Hunting;-)

David P. Butler

seller is behind on 1st and taxes - Posted by Bryan

Posted by Bryan on June 18, 2001 at 09:18:07:

I have a very motivated seller with a conventional first and a seller-provided 2nd on a 3-year old home. She wants out immediately, because she is behind 2 months on her 1st and has not yet paid her last 2 years taxes (current payoff almost $1600).

Her seller offered to let her walk away from the home. I am considering offering a lease-option and catch up the 1st and taxes. What are my risks once I verify that the bank will allow me to bring the first current? Isn’t there an opportunity to get the property cheaper by buying the tax certificate at auction and foreclosing?

Thank you,
Bryan, still hoping for my 1st deal!