All Forum Posts by: Leon F.

Works the same way here in Louisville. winning bidder puts10% down & the balance is due in 30 days. 

Good thing about the foreclosure auction is the property comes out clean. All debts are wiped away. Alot of times there is more debts than just the case that its being foreclosed for.

And its not just banks foreclosures here. non-payment of Tax Liens or City Fines can get your house auctioned off too.

this agreement may be terminated by ....either party giving written notice atleast 30 days prior to the end of ANY monthly period.

looks like he's sticking to the agreement

whats the issue?

maybe its not legally a multi-unit property. They may be saying its an illegal duplex & therefore not a multifamily, but a single family?

I 'd like to get some more experienced insight on trying to buy "Subject to"

The homeonwner is moving out of town by the end of the month and wants to get out of mortgage.

3br2bath w/basement

current mortgage payment is $650

$57k remains on mortgage.

My plan would be to get my name on the deed and then make her mortgage payment while seeking to refinance at what should be a lower rate/ payment.

This way I could avoid a down payment and so forth by refinancing.

ARV would be around $75-80k with minor improvements. The roof, water heater & furnace have all been replaced within the last 5 years.

I know I could rent for $850-900 easily. And its probably a "C" neighborhood.

I'd love to here some of you guys input or suggestions.

no. where a tree lands is who the tree belongs too. If my tree falls into your yard it is now your tree. if a wind storm blows a tree from 3 houses down into my yard its now my tree.

bank account statements totaling the amount you are bidding,

property deeds, etc

the deposit has to be cash