The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Thursday, April 06, 2006

Under contract again!

I signed up a foreclosure on Wednesday. I am buying it subto and the trustee sale is next Thursday! This one is interesting. It looks like we'll get the "loan curement amount" the day before the trustee sale. This one is too close. I'm crossing my fingers. By next week, I'll have $1000 dollars (title insurance/appraisal) into the deal so I hope it doesn't fall through. We need to pay the arrears so the foreclosure will stop.

I'm setting it up so I can re-fi in just a few months. If it works, I won't have to put any money down for the loan.

Wish me luck. I'll provide more details when I have some time this weekend.

Good investing,

Bginvestor
|| Bginvestor, 9:30 PM

4 Comments:

Bg... I live in Kingman AZ. Before the market hot real hot about 18 months ago, I was able to purchase properties on the steps of the county court steps with hardly anyone else bidding.

Because of other investment op's and the fact that 30 to 50 folks started showing up at the trustee sale, I stopped monitoring those kinds of opportunities.

What I'm asking you today is are you going to the person that has the loan to make this kind of deal, or are you approaching the note holder??

Thanks.
Blogger Todd Tarson, at 2:01 PM  
Hi Todd,

I'm buying the property "subject to the existing loan".

Essentially, I'm curing the note and taking over payments.

Please let me know if you have more questions.
Blogger Bginvestor, at 6:11 PM  
Todd,

To better answer your question, I am working with the home owners and not negotiating w/ the banks.
Blogger Bginvestor, at 9:09 PM  
Thanks for your info, and I suspected as much.

What are your feelings with all the doom and gloom talk about the RE bubble bursting?

I think there will always be a good market to move money to, so I'm not as worried as many other are. Plus I didn't do any ARM's when things were crazy.
Blogger Todd Tarson, at 3:57 PM  

Post a Comment

$2.95 a month web hosting