This is the numbers they gave me.
Land = 80,000
Condo=120,000
So if I purchase it, I would only be responsible for the 120,000
mortgage. However, when selling they are in tilted to 75% of the
gross sale price over 120,000 (what I bought it for)
Does this sound like a good deal or am I getting screwed?
How do you check for liens and taxes, what other items should be checked? The ad says “beneficiary may elect to bid less than the total amount due”, what do they mean, and who is the beneficiary? If people are still living @ the property, how does the buyer inspects, or takes possession of the property since the ad claimes ” the sale in an ‘as is’ condition, without covenant or warranty, regarding title, possession or encumbrances to satisfy the “indebtness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, pluse fees, charges and expenses of the Trustee and of the Trusts created by said Deed of Trust”? Looks like there are so many legal language that I like to know exactly what is involved? Also Is it O.K. to approach owners, and what should be offered? A property is auctioned for smal amount of backed association dues, what happens to Mortgag?
Any of you pros out there, anyone with experiece, anyone who actually gone through this procedure, and got properties in auction, through ads in the local newspaper? Also somebody was advising of going out there and purchase 2nd loans and get 15-17% interest on it?
Posted in Homes For Sale
Tagged amount, association dues, beneficiary, check, covenant, Deed, deed of trust, encumbrances, indebtness, interest, legal language, mortgage, paper, possession, procedure, Property, Trust, trustee, trusts, unpaid principal, warranty
What other items other than liens should be looked at, and how, and where? Looking in an ad for auction, it says “beneficiary may elect to bid less than the total amount due”, what do they mean, and who is the beneficiary? If people are still living @ the property, how does the buyer take possession of the property since the ad claimes ” the sale in an ‘as is’ condition, without covenant or warranty, regarding title, possession or encumbrances to satisfy the “indebtness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, pluse fees, charges and expenses of the Trustee and of the Trusts created by said Deed of Trust”? Looks like there are so many legal issues intended by this language in the ad that I like to know exactly what is involved? Also Is it O.K. to approach owners, and what should be offered?
All you title experts, lawyers, auction buyers can offer any idea’s how to buy auctions from newspaper ads? Any guidance on bidding on first or second mortgages?
Is beneficiary the Trustee? And why the lender does not bid again after the initial bidding?
Posted in Homes For Sale
Tagged amount, auction, beneficiary, buyer, covenant, Deed, deed of trust, encumbrances, Home, indebtness, interest, possession, Property, Trust, trustee, trusts, unpaid principal, warranty
‘In God we Trust’ appearing on our currency
The swearing in with the bible – ‘so help me God’
Adding ‘under God’ to the Pledge
Blue Laws – restricting alcohol sales on Sundays
Opening government sessions with a prayer
Christians blaming the Jews for killing Christ
People who claim that there is a war on Christmas
People who claim the President lied about WMDs
The OJ jury
People that think we faked the moon landing
Scientologists
My partner wants to end our relationship and sell our house. (2/3 of the property is in her name at her request at the start of our co-habitation because she has 2 adult offspring and I one from former relationships. We have been living together for 7+years)
A letter has been served to me by her solicitor saying she seeks the sale of the property and proceeds to be divided 2/1 thirds in her favour. I am warned she may invoke this Act for an Order for the sale of our house and I would bear the court cost.
Because of the origional reason for the 2/1 split in ownership and that we have basicly been on equal income and shared household expenses, and in our late 50s, we talked about drawing up an agreement for a more equal share. I sujested we do this with a solicitor, but she refused on account of cost, saying it could be witnessed by anyone. This took place 7/10 days before I recieved the letter, which is timescaled.
What can I do to effect a more equal share of proceeds.
Posted in Land For Sale
Tagged Act, adult offspring, appointments, habitation, house, Land, law, ownership, partner, Property, relationship, relationships, Trust, trustees act, uk