1st Deal
I need to handle my first deal. House is in forclosure will be auctioned 7/8/04 home value is $87k appraised balance is $59k, owner behind payments approx $7k. Is this a good deal? What paperwork would I need to get this deal done? Any help would be appreciated.
Not to be too blunt but this thing is going to auction in 24 hours and you post asking if this is a good deal and what paperwork you would need to do!
Pass on this one, do some study and be ready next time. Even if you've got $60 grand laying around ready to move you have no chance of putting this thing together in the next 8 hours before the court closes.
I do have $64 sitting around. I want to do a sub 2 by bringing the loan current. I do not want to use the whole 64K on this 1st deal.
Thanks
[addsig]
you want to make sure it's the first that is foreclosing, you also want to make sure there aren't any senior liens (HOA liens) or tax liens.....good luck trying to convince the bank to to reinstate it 24 hrs before it goes to sale, you might be able to get them to hold for a while if you're good....
In most states (I'm not particularly familiar with Ohio) there is some manditory re-instatement period after the suit is filed usually that is 30 or 60 days after the defendant has reciept of service. By the time the property is going to sherrifs sale there is no manditory right of re-instatement. And given that the sale is tomorrow you are not likely to get the bank to re-instate voluntarily. Your seller may have (and can assign to you if he does) some right of redemption which allows some period of time after the sherifs sale to pay off the foreclosure amount and retain title. Such periods vary from 30 days to a year.
If you had an attny on retainer who was familiar with Ohio foreclosure law he might be able to run in on an emergency motion to delay the sale. The best way would be if he could find some technical mistake in the banks case (error in service, failure to file some required motion, that sort of thing). With a 30 day delay and the presence on the scene of an attny who looks ready to fight you might get the bank to take your sub to offer more seriously. Maybe. But not today. Today you have two options: pay the balance or manoever for time.
Thanks for the reponses. The redemption period in ohio is 30 days. I appreceiate all the help.
Thanks
[addsig]