Remember you need to specify the time as well \u00d8 No Consideration Rule according

Remember you need to specify the time as well ø no

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Remember, you need to specify the time as well! Ø No Consideration Rule – according to the statute, not only that the seller has right to cancel the contract during the cancellation period, but you as a buyer can NOT do any of the following during the cancellation period: > accept an execution of, or induce any equity seller to execute, an instrument of conveyance of any interest in the residence in foreclosure. > can not record any document signed by the seller; and > can not pay the equity seller any consideration. > can not put a deed in escrow, or record a memorandum of the Equity Purchase Agreement. NOTE : the statute does NOT prohibit opening of an escrow. You can also deposit any “good faith” deposit in the escrow, as long as it is fully refundable to you until expiration of the cancellation period. > Tip: always get a testimonial from the seller – it is the best marketing tool, plus it further proves your case of being a ‘good guy’! > Tip: to obtain more information or legal documents specific to California Google “First Tuesday Forms”; or consult your local foreclosure list provider.
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Foreclosure Investing MASTERY - Manual – SECTION 1 . Copyright 2017 – 2018 © Marko Rubel Page 60 of 121 * * * Here are my “layman” comments on the Florida Bill HB 643, if you buy houses in foreclosure in Florida. Over the years, my students had various advice given by various FL attorneys, varying from “this law doesn't apply to you if you’re a buyer so don’t worry about it”, to “you can buy but have to pay off the existing loan”, to even “it’s illegal to buy foreclosures in FL period” . My personal take on this is “in the middle”, but again, I am not an attorney and this is not a “legal advice” – consult your own attorney. I share the below opinion of mine with you so you could be more educated when talking to one, and thus saving you money on their fees: Ø This HB 643 law applies to “foreclosure rescue transactions” only. My reading of the definition is that the “foreclosure rescue transaction” is the purchase of a homeowner’s property where the homeowner retains some interest in the property (either legal or equitable). For example, you gave the homeowner a lease, or an option to repurchase the property later on. Ø Therefore, if you just buy, and the seller retains NO interest in the property, this law does not apply to you, and you don’t need to worry about it. This is not only my opinion, but an opinion of several attorneys as well. SIDE NOTE: even if your state has nothing similar to this law, I strongly advise you against giving a homeowner an Option-to-buy-back; or a Lease Option agreement; or keeping the part of beneficial interest in a trust. I feel any of that is misleading the homeowner because if they have no money now how are they going to find more money in order to repurchase from you. So I feel it is a wrong thing to do, in some states it’s illegal, in FL requires compliance with this bill. Keep in mind, you don’t need to wait to find an attorney to start – start today by chasing properties that are not in foreclosure, using the strategies explained here.
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  • Spring '15
  • Mr. Gardner
  • Subprime mortgage crisis, short sale, Hard money lender, Hard money loan

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