Originally posted by @Account Closed:
Originally posted by @Shawn G Hope:
Originally posted by @Account Closed:
Originally posted by @Shawn G Hope:
I have been thinking about doing subject two purchases. My question is can I offer to take over the existing mortgage and try to work out with the bank to bring the loan current if it is scheduled to be auctioned off.....
Thank you very much for your input!
I hadn't put any thought into people's actual behavior. Just like the people the "fall" in the local grocery store and sue because they are to stupid and selfish to read a wet floor sign.
Like you said after you have solved their problem you can become the person that "screwed" them over. So I will completely scratch the renting it to the home owner and save that headache.
What are your thoughts on offering to do a subject to purchase with paying to catch up their mortgage? That way their credit gets a little boost and remove the foreclosure on their credit so they could move on with their lives. Also with the properties I have looked at would be well under market value. I would have to get more information from the homeowner to find out what is past due and what their current mortgage is to make sure it would still be a good deal.
That works. In fact it is a common enough technique. Stay away from Washington where it is against the law to approach anyone who is in pre-foreclosure. There were another couple of states to stay away from (I can't remember which, do a search) but in most of the country it helps the homeowner and is perfectly acceptable. Always get a title report, close using an attorney or escrow company and have the seller sign a disclosure sheet that they know what they are doing, that they are selling their house, aren't drunk or on drugs, it is your intention to make a profit, this is not a loan, and have that signed in front of the closing attorney.
Well I guess my goal for the next few weeks is to make some good connections in a few title companies.
Again thank you so much @Mike M. You have given me some great ideas and cleared some fog that could have been very painful(renting to the homeowner)
You are obviously a 'giver" not a taker. If there is anything I can explain to make it easier for you, feel free to ask.If there is a Greatwest Title in your area, they are the best and can help, if not try Chicago Title.
Those names haven't come up on any searches I have done so far. I will keep doing research. If I am ever in Paradise Valley, Arizona or you are ever in the Colorado Springs, Colorado I owe you a beer or two.
Correction I found Chicago Title. I will be making a call tomorrow.
