Buying that note... (Joe Kaiser, JohnBoy??) - Posted by Fran

Posted by Fran on March 09, 1999 at 21:49:47:

Bear with me and my horrible math mistakes…

I should be asking 30-35K…my bad…

Buying that note… (Joe Kaiser, JohnBoy??) - Posted by Fran

Posted by Fran on March 09, 1999 at 18:30:36:

I wanted to say how upset I am (at myself) for not attending the convention. It’s amazing the amount of energy that I feel in all the posts that have been made since y’all came back…I’m leaving all of February and March open on my calendar next year!!! No way I’m missing 2000!!!

Anyway, because I was unable to go to Dallas, I promised myself I would get a deal over the weekend to compensate…and I have the potential for 4!! But there is one in particular that I need some assistance on…

(s’kinda long, bear with me…)

I sent out some pre-foreclosure letters, and got one back marked “No Forwarding Address/Return To Sender”. The address of the soon-to-be-foreclosed property was “on my way” home from the office, so I thought I’d ride by. Lo and behold, it’s LISTED!!

So, I get my agent on the phone… “I want to see that house yesterday!!” We go look, and find some problems (siding falling off, leaky roof), but otherwise a very nice house. I know it’s going to foreclosure, so I say “Lowball 'em, at $40K…we’ll find out what they’re made of.”

My agent comes back and says, “No go. The agent says the bank won’t allow them to accept offers as the property is going to auction on the 19th.”

“Huh??” I said, “Doesn’t the owner have the ability to redeem the property up until the date of sale??”

“That’s what I asked him, but she swears they can’t accept an offer. I think she’s lyin’, 'cause she still owes 56K.”

“Yeah, probably…Well, let me see what I can do.”

My next tactic, as I see it, is to call the bank and buy the mortgage at a discount, and have the owner quit claim the deed to me for some nominal dollar figure. (If anyone has a better idea, let me know!!!)

My question is, who at the bank should I be contacting?? What “title” should I ask for?? Maybe somebody knows the name of somebody at First Western, and would be willing to cough it up. Can I honesty expect to get this note for 40-45K??

Any advice on my next course of action???


PS—here are the numbers: FMV= 72-73K, seller owes= 56K, repairs= 13.5K (needs new roof (maybe?), plus cosmetics (bath work, new carpet throughout, etc.)

Re: Buying that note… (Joe Kaiser, JohnBoy??) - Posted by Reif

Posted by Reif on March 09, 1999 at 23:15:55:

I’m still a new guy, but why would the bank sell the note at a deep discount just a couple of weeks before the sale?