Posted by DanM(OR) on May 20, 2004 at 22:50:51:
Buyiing a second behind a first in foreclosure
I have been working on a pre-foreclosure deal. Goes to the steps on the 26th. My contract with the selles expires tomorrow.
The seller has recently become hard to reach and I need him for the deed to close at the title company.
An alternative to dealing with the seller is buying the note from the second. I have an offer into the lien holder for $3700 on a $41,700 face vallue second which is 100% leveraged at the current proeprty condition.
I am not sure what my richts would be if I by the note and go to the auction. Could I bid one dollar and my note face value? Then I would just have to pay the first off right?
Any feedbback on buying a second in troulbel would be appreciated.
Dan in Bend OR
- Re: Buyiing a second behind a first in foreclosure Charlotte Riesz 09:23:30 9/28/2004 (0)
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