Need Fast Help With Smokin Pre-forclosure Deal
W have found a great deal and need help with how to proceed. The house is in forclosure and is due for auction sale on August 14th. This is in Arizona so the forclosure is handled through a trustee and not the court. We found the house on the internet and there is a Notice of Trustee Sale on record on public records. There is plenty of equity in the house and we have spoken with the owner. The owner is quite motivated and willing to make a deal with us. She owes 90k on the first and there are no other known liens or encumbrences. We believe that the value is at least 150k. The house seems to be in good condition. The trustee is a Title Co. and we have their name address and phone number. The owner has offerd to sell it to us for 120k over the phone and we believe we can get her to accept a lower offer. We drove by the house this afternoon and the house looks good from the outside and peeking in the windows. We asked if we could look at the house and she said it has been "locked up" (something to do with the foreclosure process). She is supposed to call us tomorrow and let us know how/when we can view the inside of the house. We won't have any trouble qualifying and we can put 10% down. What should we do at this point? Can we make an offer directly to the owner or do we have to work diredtly with the trustee or the bank? Please respond fast as we don't want to loose this deal.
Tatiana
Tatiana
Until the experts reply, my thoughts are to get it under contract and make the payments current(How much is she behind? and make double sure - do a title search - that there are no other liens). That, I believe, should stop the foreclosure process. Are you buying it for your personal use or selling for a profit?
If for yourself - you could do sub2 - take over her payments- give her 10000 now and 10k or 15k at a later date. If reselling, you could just assign your contract. Also, it is always very wise to look up the rules & regs of matters or get legal help when large amounts of money are involved.
Hope that helps,
Kelly
I disagree, get a authorization form signed-deal with the bak/trustee DIRECT-DO NOT GIVE HER ANY MONEY-she is going to loose it anyway-DEAL DIRECT WITH BANK/TRUSTEE!
they have to deal with the owner..she is the owner, if she doesnt sign there are no deals to be made...
I also live in Arizona and am interested in pre-forclosure's. You mentioned that you got the listing on the internet and I was wondering the site that you got it off of. I know you can get this information at the county courthouse but obviously it would be easier to just access it on the internet.
THX,
The Ghini
You can find all types of documents on Maricopa County web site.
Tatiana.
When is the trustee sale???
If it goes to sale, the seller will get NOTHING. If you give her SOMETHING it's more than she's going to get come that date. You ARE doing her a favor. Don't give away your profits unless you're feeling particularly generous.
Are there back payments? Are there back propety taxes? Are there fees that need to be worked out with the bank? Attorney Fees?
My guess is that there are at least 4 months back payments, probably more like 7-9.
I think it's a good deal, but I think you can do better still
You may want to negotiate a deal with the lender who has the first and pay em off at 90% of what is owed. Can't hurt to call and negotiate.
Good luck