Deal or no? - Posted by Joe

Posted by Joe on July 09, 2003 at 12:35:06:

Thanks anyway Joe, but I’m in the research stage and
not ready to do a deal. Maybe in the future.


Deal or no? - Posted by Joe

Posted by Joe on July 09, 2003 at 11:57:08:

My partner and I looked at a house yesterday in a decent neighborhood. Listed with realtor. Owner in jail since Feb. and nobody has made the payments on it since.
so thats 4-6K behind plus interest.
taxes are behind one yr.
official foreclosure began two weeks ago.
asking 135K because he owes 120K on first and second and first is foreclosing at 100K.
Realtor says she would’ve listed at 100K-110K and needs cosmetic work. some paint, carpet, flooring in kitchen and some clean up. Thats about it.
My partner thinks this could be a deal and wants to offer something low and flip. Could that work or should we move on to next deal. Not sure how to work this if even worth it. If I forgot any details I apologize and will provide.

Re: Deal or no? - Posted by Jason

Posted by Jason on July 09, 2003 at 19:19:56:

This sounds like a good potential short sale property.Since you are dealing with an agent have the agent get the seller to sign an autharization to release loan information and a sales contract for the amount you will be offering the lenders.The second lender will most likley take a loss if the property goes to foreclosure sale so often times they will accept less than whats owed as payment in full. They will problably want to see a proof of funds,net sheet,the sales contract,along with a hardship letter from the seller and some financial information.