Step By Step Please.
Hi everyone,
Just a little confused on what to do after you find a potential seller in NYC. Any advice will help.
1.) Can the seller tell me what she owes and accept a offer from me without getting the bank involved?
2.) If the seller owes a lot in bank fees and late charges etc. does the seller have to give me permission to negotiate a settlement with his/her bank? Does it have to be in letter format written by an attorney?
3.) Are there any laws in NYC that probits buying a property from the seller directly and then me flipping that property? Or settling with a bank for a certain amount and the flipping?
4.) What exactly do you call what I'm trying to do here. Is it a short sell?
Whether it's stupid or not I just want to make sure that there is no law in NYC that probits any negotiations to sell the house without the banks approval. I know that the whole process is a difficult one but nothing in life comes easy. The more contacts, networking, letter etc. made increase your chances to make a deal and not everyones passion and patience is the same. Thanks for your help and good luck.
Quote:
On 2004-01-11 13:45, ruben wrote:
Whether it's stupid or not I just want to make sure that there is no law in NYC that probits any negotiations to sell the house without the banks approval. I know that the whole process is a difficult one but nothing in life comes easy. The more contacts, networking, letter etc. made increase your chances to make a deal and not everyones passion and patience is the same. Thanks for your help and good luck. <IMG SRC="images/forum/smilies/icon_smile.gif">
With such an important question I would not trust a faceless poster on a message board. Better to pay the money and get the answer from a qualified professional.
I think that's probably the best thing to do. My next move is to go see a R.E. attorney. Is there anyone experienced with short sales in NYC or NJ?
There must be someone out there who does short sales in NYC or NJ. Any help is greatly appreciated.
Thanks