Help Please
All right I'll get to the point today I am planning to place a bid at the court house on a proerty"foreclosure" but this is the first time that I am doing it with a partner whose also a friend, my concerns is how do we/I make sure that we pay the mtg payment equally when its due, also when we place the bid do we put both of our names and each pay half and just in case we don't win the highest bid does the court house issue check for both of us, and most important say we win and the deed in both of our names then we sell how do we deal with the taxes and capital gain since the gain will be split 50/50 but on the taxes it would show the total.
Thank you in advance
:-?
I believe you need to pay the full amount for the foreclosure within 30 days, and banks don't like to give out loans for these type of things. It's too risky for www.them.I have never done this, but this is what I read in the book called, "How To Buy Foreclosed Real Estate" by Theodore Dallow. If I were you, I would first try to buy a foreclosure AFTER the time of the sale (if nobody bought it). Realtors have tons of these listings. Just offer low, and see what you can get. Good Luck! 8-)