Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Depends on what you want. Some condo/townhouses look like single family homes and have access to a common area or private patio area but you don't have to do the yard work. You do have to pay the monthly dues and you may be restricted as to what you can do to the outside of the home.

Single family homes usually have more flexibility as to what you can do with the exterior but a lot of newer subdivisions still have HOAs that can make rules and regulations. You may also have a monthly or yearly association fee. You will have to do your own year work and exterior maintenance on the house.

Suppose you purchase a property and your first exit strategy did not work. What will you do now? Here are some ideas:

1) Lease the Property
2) Seller Finance the Property
3) Partner on the Property
4) Assign the Property to an investor
5) Let someone take over your mortgage
6) Do a 1031 exhange

There are many more but I wanted to get a creative forum flowing.

Here is some information I found on another post by unknown writer. I think is very good and applicable.

PROMISSORY NOTE

$______________ Dated_____________
Principal Amount State of: Orem, Utah

In installments as herein stated, for value receive, we jointly and severally, promise to pay ________________________________________________, Husband and wife, or order, at ____________________________________________, the sum of ________________________, with interest from _______________________________

Offer to Purchase Note and Deed of Trust, Mortgage or Real Estate Contract

THIS OFFER TO PURCHASE, is made on ____________________________________________________by and between ___________________________________________________________________________, the undersigned (Seller) and ____________________________________________________________________________________(Purchaser), and/or
his successors and assigns, whose address is _____________________________________________________________.

When someone passes away you will find that:

• Within ten days of a death, the funeral home will receive an official Death Certificate from the coroner’s office, county registrar, or Clerk of the Courts
• The probate file will be established by the Probate Department
– If there is nothing to probate, no file is established
– The information about probate cases will be located in the Probate Department at you local courthouse
– They maintain a file but it is only by name and case number.

Based on my last post I decided to post what you may find in a probate notice:

– The name of the decedent (or deceased)
– The name and address of the court handling the probate case
– The case number or file number of the probate case the name of the attorney representing decedent's personal representative, law firm, address, and phone number
– The statute of limitations for making claims against the estate of the deceased

This information can be very usefull in determining who to talk to, where to find information on the property and how to proceed with the property.

How do you find probate information? Most of the information is going to be different in each area. I have posted some ways you may look for or what you may be looking for in your area:

• In the classified section of your newspaper, under Legal Notices, you will find probate or death notices*
• In most states, the notice is called Notice to Creditors
• Depending on your state, probate notices could also be called:
– Notice of Administration (Florida, Indiana)
– Notice to Debtors and Creditors (Georgia)
– Notice of Letters Testamentary Granted (Missouri)

There is really three main reasons that people may take less for a probate property. I listed them here.

– To avoid tying the property up in probate
– To avoid attorney’s fees
– To avoid making mortgage payments on the property

Keeping this in mind may help you know how to work with an seller of a probate property and help you get great results.

I was reading articles that talked about netting huge money or making a large profit of $60,000 from lease option.

Lease options are a great and very viable way to make large amounts of cash flow when you sell, month to month and at the end. If you have very creative mortgage broker that can get things done you can often get your tenant buyers to purchase quicker than the term of your option but because you marketed a lease options you probably recieved more contacts. Wow.