Should I knock on the front door and offer an amt to get them out of the home and ask that a deed be signed over to me and get a new loan with a lender. What if there are liens, what should I do
Slow down and learn what you can and cannot do. Your profile says you are in California. Are you aware that if you ask the owner for a deed, regardless of how much you intend to pay, you are breaking the law? While your zeal is admirable, unless you first educate yourself you will be very high risk.
It's one of the provisions within the infamous section 1695 of California's Civil Code. Once you get a signed purchase agreement from the owner, you are forbidden by law for five(5) business days to even ask for a deed. This provides the owner with a 5-day right of cancellation...a "cooling off" period, if you will. Frankly, I think it's a good idea, and I know of investors in other states that practice something similar even though not required...it helps keep them out of litigation.
In Iowa we still require the use of abstracts and since title insurance is illegal we get title opinions from attoneys. This process takes about a week (or much less if you know the right people). This is sufficient time for any seller in my experience.
Slow down and learn what you can and cannot do. Your profile says you are in California. Are you aware that if you ask the owner for a deed, regardless of how much you intend to pay, you are breaking the law? While your zeal is admirable, unless you first educate yourself you will be very high risk.
Wannabe,
Tell me more about this law. I would be curious to know if there is something similar in any other states.
It's one of the provisions within the infamous section 1695 of California's Civil Code. Once you get a signed purchase agreement from the owner, you are forbidden by law for five(5) business days to even ask for a deed. This provides the owner with a 5-day right of cancellation...a "cooling off" period, if you will. Frankly, I think it's a good idea, and I know of investors in other states that practice something similar even though not required...it helps keep them out of litigation.
In Iowa we still require the use of abstracts and since title insurance is illegal we get title opinions from attoneys. This process takes about a week (or much less if you know the right people). This is sufficient time for any seller in my experience.
thanks for that tip, but what is the best way to go about it