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Updated over 8 years ago on .

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1
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0
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Ed Kubi
  • Investor
  • Woodland Hills, CA
0
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1
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how to deal with old lady

Ed Kubi
  • Investor
  • Woodland Hills, CA
Posted

Hi Im a beginner investor have done couple deals in the past. now entering back into RE investing world looking to land my first deal again.

i came across this property that has been served with notice of trustee sale sale is happening in couple weeks. loan to value ratio on this property is 9%. person owes like 140k and bank is foreclosing on her. property value is in 1.3mil conservative.

i found the owner- old lady somewhere it said she is 60, but she sounded older than that but i could be wrong. called her three times, talked to her.

problem- i dont think she understands things completely any longer. only responds with a "no" to questions and doesnt realize her this home is going to be sold at auction. she lives at her other property ( ihave the address where she lives).

any suggestions on what to do? from the search that i did seems that she's got relatives, but husband has passed already. im gonna try going to knock on door where she currently lives.

i want some suggestions on how to approach this, should i contact relatives? can she sign agreement if she doesnt completely understand the situation?

this seems like an amazing deal with lots of money in it. but not sure whats the legal and moral way to approach this. im in california thanks