Buyer’s obligations under this Agreement shall be contingent on the Buyer, Third-Party Buyer or Third-Party Buyer’s Lender obtaining an appraisal of the Property satisfactory to Buyer, Third-Party Buyer and Buyer’s Lender showing the value of the Property to be equal to or greater than the Purchase Price.1.Buyer negotiating a “short sale” of the Property with the existing leinholder(s) that will allow Buyer to pay no more than XXXX total for the Property.

Despite the fact it's in good condition, it could use some updating and TLC.The home can be purchased for $349,900, and the seller will do a wrap on his existing first mortgage.

While I'm sure that you're out there trying to help others out, I also know that there are many people who are looking to take advantage of others.Is there any type of regulation protecting the consumer in this case?

It does, however, put your home at risk if you can't make the payments on the existing note and the HELOC.

Have enjoyed all of your info.Are there regulations that dictate how long a bank can hold a property or how many it can have at any given time?

I have about $30,000 cash right now in savings, and am wondering if I should go right now and begin buying another property to rent out, or if I should wait until I pay off my existing house in a year and a half.

Check with your account though for all of your local tax regulations.

Pursuant to Section 3712 of the Revenue and Taxation Code, the tax deed conveys title to the purchaser free of all encumbrances of any kind existing before the sale, except:• Any lien for installments of taxes and special assessments, which installments will become payable upon the secured roll after the time of the sale.• The lien for taxes or assessments or other rights of any taxing agency that does not consent to the sale under this chapter.• Liens for special assessments levied upon the property conveyed which were, at the time of the sale, not included in the amount necessary to redeem the tax-defaulted property.• Unaccepted, recorded, irrevocable offers of dedication of the property to the public or a public entity for a public purpose, and recorded options of any taxing agency to purchase the property or any interest therein for a public purpose.Any federal Internal Revenue Service liens that, pursuant to provisions of federal law, are not discharged by the sale, even though the tax collector has provided proper notice to the Internal Revenue Service before that date....according to that, California tax sales doesn't seem pretty free and clear to me.

In Australia, the lenders take the position that it's not possible to buy a genuine bargain, and the valuation for mortgage purposes is always taken to be "the lesser of market value and purchase price", meaning that this would be impossible, and on a $70K purchase one could only borrow $49K.But lots of things are possible in your market that aren't in ours - you're generally much less regulated - so I thought this was a question worth asking!

You will want to take over someone's loan (by the house subject-to the existing mortgage) and get in for very little money if any.