Notice of Election and Demand in Colorado
I found a house with a fresh NED and was considering making an offer on this house. I haven't decided whether to keep it or flip it without seeing it yet, but I still could use guidance.
I believe the home is in the stage before pre-foreclosure right? Could I purchase/flip the home with little hassle at this point right?
Is there an attorney involved with the county/state yet? Do I need to contact them?
I know there are variables with each house but it seems that this house is still in the "manageable" phase of the foreclosure process. I want to save this guy. Any words of wisdom?
Right, NED is pre-foreclosure. There should be an attorney assigned to that NED by the lender/servicer. No need to contact the attorney.
Does the HO want to keep the house? Or does he want out of it? How much is needed to cure the foreclosure? When is the sale date?
@Freddie Mercury Typically if the house has received a NED, I would consider it to be in foreclosure. The state requires a specific contract and notices and allows the seller to cancel the contract within 3 days of signing. Despite the fact that the foreclosure process has started, the owner is still the person you would need to contract with to purchase the home. If the seller owes more than you are willing to pay that is a completely different process. It's called a short sale.
There is not necessarily an attorney involved and they would not likely be with the state unless you did something really bad and it was the attorney general coming after you. The bank has an attorney that has initiated the foreclosure but you don't need to contact them. If you do they won't/can't tell you anything. The title company might get a payoff from them.
Not sure what you mean by it being "in the managable stage of foreclosure". If you know what you are doing and there is money in the deal, then everything is managible.
It's rather noble to say you are going to "save this guy". What you saving him from or for? His credit is already hammered. Sure not having a foreclosure would be better than having one but not sure I would classify that as "saving".
My words of wisdom is to meet the guy and get the property under contract for a price that works for you and him. Hopefully your prices is for more than he owes. It'll make things move more quickly. Until you have a signed contract, you are simply dreaming.
Hope it goes well. Post back if you have more questions or to let us know how things turn out.
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Real Estate Agent Colorado (#IR044146)
- Reliant Real Estate, Inc.
Thanks fellas. Upon further research the process has indeed begun, but it might not be as difficult to buy as some people say.
I say "save the guy" sarcastically. Sure I'd like to help, but i am an investor. And i found a good one. He's paid 50% or his loan from 1999 and the numbers to purchase are breathtaking compared to today's prices.
So I make the offer, sure. Is it an ordinary purchase or do we need to submit a Notice to Correct and other docs and details I am unaware of? You say state requires certain docs. Where might i find those?
Thanks a lot gang.