Anyone know how I can go about, taking over someones payments and sign over there deed. It's a pre-foreclosure and the owner is offering to sell for $25,000 and is willing to sign the deed over to me.with the exception that we make a contract that states, that if they sign over the deed that when i get a loan for the house that I make sure they get there 25,000. What options do I have?
2006-07-27 13:59:35 · 3 answers · asked by Cassie 2 in Business & Finance ➔ Renting & Real Estate
You need to talk to their lender - who may not talk to you, so would have to talk to the attorney involved in the case - You want to do a short sale, and buy the property - the lender just wants their money correct. I take it - it is already in forclosure. If not, the person selling the home, would have to sell it to you as a For Sale By Owner, but you need to see what amount the lender wants out of the mortgage first. Normally there is attny cost involved - etc - so I doubt the 25,000 would cover what is needed. Good Luck to you.
2006-07-27 17:16:03 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
I would go to a lawyer and ask. I think if you buy a tax lein that is against a house you get close to what you are doing now.
2006-07-27 14:04:56 · answer #2 · answered by armiki66 3 · 0⤊ 0⤋
best to consult with the lender involved. they can have their lawyer draw up the necessary paperwork to protect all parties involved.
2006-07-27 14:03:34 · answer #3 · answered by daniel r 4 · 0⤊ 0⤋