OfflineI'm wondering...
If an owner is in default on his re taxes AND his mortgage, what "angle" would he/she be most willing to succumb to?
I'm currently researching a list I have to check it's validity. I am also going to check to see if any taxes are owed on the property. If both are an issue for the current owner - as an investor, the most profitable will be to try to make a pre-tax sales deal. Right? Right!... But if that were to happen, what happens to the rest of the mortgage owed on the property?... and how likely will the owner be open to signing the deed over to me for the money owed on his back taxes (+ what ever else I can sweeten the deal with) ???
Any incite?
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I think if an owner is behind on both, if you were to buy directly from them both the back taxes and mortgage payments would HAVE to be paid somehow to have the deal go through. You could offer to catch up on both for them (depending on how much is owed), and then take the property subject-to or contract for deed, or just go about the purchase like you would any other. Just make sure, like in any case, that the numbers work for you. Looking for a great deal, no matter what.
Good luck,
Rina
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I needed that answer!!
I can FEEL it!! I'm working towards a GREAT deal. Which leads back to my other forum - http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-... Do you think I can put the owner in a position to go to the bank and say, "I have $XXX,XXX. Will you be willing to cancel the rest of my debt?"
I just need to get these letters out and hopefully get some responses. (pre-foreclosures AND pre-tax sales)