All Forum Posts by: Craishia Millines

The day of here! After all monies due have been exchanged, which are typically due on the first day of the lease.

It depends on your brothers strength, especially in the realm of credit scores. His history will also play a big role.

@Account Closed A good Option to Purchase Agreement. I’m preferring this over the S&P Agreement.

@Caleb Heimsoth Is there a specific reason? 

@Wayne Brooks I get that it’s basic still but it takes learning these “basic things” to understand the business. Thank you. 

@Jeff C. Gotcha! Thank you, Jeff   

@Wayne Brooks The logic behind it trips me up. I’ve been to the auction before and seen a home worth at least 210k go for 7k. Crazy. 

@Michael Gaines Both properties are being foreclosed on for deliq. HOAs! 

@Jeff C. Thanks for the response, Jeff. I realize the cash option, just had to make sense of it all because the bank is really the primary lien holder here, not the 6k HOA fees. So I have trouble understanding how the banks 150k unpaid principal balance goes do the drain to the 6k, that's all.

Does anybody have a recommendation on where to retrieve the Option contract? Thanks!

@Wayne Brooks Thanks for the response, Wayne. I may have been misunderstood..I do not believe the house will go for $100k, my actual question is when the bid is accepted at auction, is the winner also up for the existing mortgage leftover on the property? 

I plan to buy the property, the reason I am asking the questions is to get all of the information with the intent to close on the deal and ensure I am not missing anything. Thanks!

Thank you everybody for your input! We're still working this one out but I ended up filing an MFR on the lift stay - still in process..

Hey guys,

I have two appointments this weekend with sellers whose homes will be going to Foreclosure on 10/1. They both have existing mortgages + delinquent taxes - I am wanting to see all options (wholesale, subject to, etc) I can exercise to retrieve the homes and also get more clarity on this question -

Why would I purchase their home (after covering the mortgage) + tax liens when I have a possibility to win it at auction for a possible fraction of the price? What am I missing in this equation? For example, if they owe $100,000 from the mortgage + $3,000 delinquent taxes but the minimum bid is $3,000 at auction, why would I just not try my luck at auction and save that $100,000 at auction since the bid likely will not go this high?

Lastly, does anybody have a specific Option to Purchase Agreement that they use? I am going for the $10 option money and want no penalty other than to lose that $10 if the deal falls through. This is my first wholesale and I do not want to hold up the seller if I cannot find an end buyer and they have no other option but to lose their home! 

I believe I have enough time to finish this deal out but the clock is ticking, anything helps! Thank you in advance!