All Forum Posts by: Wendy Busa

New investor in Wisconsin,  looking to do a subject to by contacting homeowners that are facing foreclosure. I have been to the county website that lists foreclosures and have sent one batch of letters to these homeowners. I was about to send a follow up letter but then I thought if I am sending to homeowners who have just received their summons, they may not be motivated yet.

To get motivated sellers should I instead go to the sheriff's sale and skip trace those that have a month before the sale?

Also, I understand this is a trying time for these homeowners, my goal to to be able to help someone avoid foreclosure. My letter basically states that and mentions the idea of doing a subject to.  I decided to sent a letter instead of a post card because I feel that is more private and personal. Your thoughts?

I would love any advice on the best way to proceed on reaching out to these homeowners.

Doing a subject to may help a homeowner that faces foreclosure.

 I may have the stupidest question of the day, but I do not want to assume anything. When doing a subject to strategy, I understand the mortgage stays in the homeowners name, buyer gets the title and makes the mortgage payments. Once the property is sold does the homeowner get any of the equity or is that something that is negotiated?

For example: Mortgage is $200,000 ,Home value is $275,000, homeowner has paid down their mortgage by $100,000.

If I were to lease option the home and once the option to purchase is exercised and the home is sold, if no equity terms have been negotiated then all of the profit goes to me since I hold the title?

Since the homeowner has the mortgage is there a chance they would not want to close unless they get a portion of the profits? 

New investor.

I am interested in a property that is in preforeclosure. The date for the auction is Jan.10th. I have not contacted the owner yet, because I am not sure how long the process of doing a subject to takes. I would never promise something that I could not follow thru on.

I would need to make sure there are not any liens, get a clear title, find out what is owed on the mortgage and taxes,

get a lawyer to create some documentation and have the deed signed over. 

Is this something that can be done with in 30 day?

I have read that the homeowner can still file for bankruptcy, is that correct and if so, is there a legal document that can be drawn to protect against this?

I appreciate all input. Thanks.

I am interested in purchasing a home at a sheriff sale. Since it is sold as is, of course there are questions about the condition of the property. I read somewhere that recommend to contact the plaintiffs lawyer. Which surprised me so I am wondering is this something that I can and should do?

Thank you,

Thanks Chris,

Would the foreclosure complaint be on the register of deeds website as well as the tax, water and sewer liens or should I be checking some place else?

Also, before you bid on a foreclosure do you do a title search or is your due diligence what you mentioned above?

There is a property in Wisconsin that goes to bid on a sheriffs sale next month. My concern is if there is a lien on the property. I went online to the register of deeds and did not see anything in tapestry. Paying for a title search can get expensive especially since I am not sure I would win the bid. Is there a more affordable way to verify if the property has a clear title?

I know I need to go to the sale with at least 10% cash/certified check, but are there any other issues that I should be aware of?

Thank you.

Thank you Jonathan,

Sorry for the late response. Having issues with my email. Thanks for the great info. I will reach out to Jim.

Wendy

New investor, I am looking to do a possible lease with option on a property in Rockford Illinois. I have never been a landlord, so I am trying to find out what the tenant/landlord laws are. I went on to the Illinois attorney general site, that states to check with the local municipality.

I do not see anything for Winnebago county or the city of Rockford for their specific laws. Does anyone have any experience as a a landlord in the Rockford area? Any thing that I should be aware of?

Thanks,

Wendy

I am thinking of spending the $995 for Kris Khron's course on lease options, has anyone taken it? If so, I would love your feedback as to whether it was worth the investment.

Thanks.

Just to be clear, I received the title commitment today and I am going to have my lawyer look at. It does not have my name on it, I thought it should, am I incorrect?