[quote=Jazzman][quote=bearishgurl on March 25, 2012 – 12:14pm]Username, if you think you will be able to purchase “equity” from a “distressed” home-debtor (whether in foreclosure or not), think again. Even if the home-debtor DOES have equity, there are many pitfalls to this type of transaction, namely a few pesky “legalities,” including the ability of the home-debtor to claim YOU took advantage of him/her and legally recover title to their property.
You would do well to study these types of transactions carefully before “knocking on doors” and attempting to “jump in with both feet.”
Since you are asking these questions here in the manner you are asking them in, it is apparent that you have a lot of “studying” to do. Instead of listening to fast-talkers on infomercials selling books and CDs, I would suggest you begin your “studies” by taking RE Principles and then RE Law at your local community college.[/quote]
This is a huge assumption! What happened to innocent until proven guilty? A guy comes along and asks a perfectly legitimate question and is jumped upon. Maybe he’s doing some research for a paper, or is just curious. And so what if he’s looking for opportunities. Good for him/her. Why is the free market great when it serves it’s masters and evil when it doesn’t. To use your own expression, you can’t have it both ways. Anyway, it looks like he’s been chased out of town. Pity so many threads end up this way. :([/quote]
Actually, Jazzman, I wasn’t the first Pigg on this thread who (negatively?) commented on the “advice” the OP is seeking here.
[quote=sdrealtor on March 25, 2012 – 10:55am]
Guys like this typically think they are smarter than everyone else. The beleive they can just walk onto a very competitive landscape and take what they want. He/she has quite a bit to learn about the way things really operate out there.[/quote]
From the text of the OP, it appears he/she is seeking to find owners with “equity” in distress to make them an offer before any agents get involved or their properties are foreclosed upon (and hopefully take title to their property).
This “minefield” falls straight into the abyss of CA Civil Code section 1695 et seq., where the “wheel was invented” long ago:
Do any Piggs know if the above property actually went to trustee’s sale? If so, WHO was actually foreclosed upon??
/End of lesson learned.
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As (brian?) suggested, why not just keep making offers on SS’s which are priced at ’98-’02 prices (for the sole purpose of causing their surrounding area to be grossly “undervalued”)? Rinse and repeat until you get an “lender-approved” offer! This is probably easier (and safer) than attempting an “equity purchase,” ESP in the current litigious climate of homedebtor “victim mentality” :=[
I never tried to run Username off. All those “infomercials” made “equity purchasing” (in states OTHER than CA, of course) look like a no-brainer . . . lol! I say, GO FOR IT, watch your step and PLEASE report back here in a few months as to how you’re doing on your “wealth-building activities.” I’m all ears :=]
