Awesome deal… what do I do??? - Posted by Charity
Posted by Charity on January 17, 2001 at 15:54:09:
HELP! Here is the rundown (hope this makes sense):
A few months ago, a seller calls me and she is behind on payments. Home worth about $119K fixed up. Needs about 20-25K worth of work. According to the mtg co foreclosure info, she owes about $63K. At the time, I was really new to REI and wasn’t sure what I was doing. The mtg co couldn’t foreclose yet because she had filed BK to make them stop. Well, that screwed up everything and it was too much hassle trying to get her BK atty to work with me to present an offer to the court. Plus, she wanted money to move on and the profit was getting smaller and my hard money guy said I’d have to bring $6K to closing (which I didn’t have).
So, I sort of let it go. She then apparently moved out and changed her #. Today, I got my new foreclosure report and her home is listed, which I assume means they are now foreclosing regardless of the BK situation. I left a msg for her BK atty and he never returns calls. Her # is still disconnected. I have authorization to call about her acct at the mtg co, so I called there. They sent me around the world and I finally found someone who would talk to me.
He said since she still owns the house, I’d have to negotiate with her. I explained I cannot find her. He said the other option is for him to put me in touch with the note dept and to buy the note. First, what does this mean? Does that mean I would then foreclose on her? One thing also is that one of their staff once told me they would take a loss on this home if someone sent an offer. I think I could get it for $50K or so. There is a huge profit to be made, but I don’t have funds to buy a note! He gave me his direct # and said for me to call him once I decided I wanted to buy the note and he would put me in touch with the right person.
Can anyone give me some guidance here? There is over $30K of profit in this deal and things sell in that n’hood in under a month. I know this is a steal if I can figure a way to make it happen before the other investors get it at the courthouse steps next month. If nothing else, it will take them days to find the right person to talk to about it at the mtg co, and I have authorization on file already to talk to them.
Anyone got ideas???