Posted by Bill K. (AZ) on April 28, 2000 at 19:09:20:
Brian,
Stay in contact with BOTH parties. If the process has just started, the owner is probably sticking her head in the sand. She’s in shock. As time passes, she might come around. Until the auction, she’s the only one who can sell it to you. On the other hand, if the property goes to sale, and the lienholder gets it back, perhaps you two will have worked out a deal that will make you the new owner.
I hope this helps.
Bill K. (AZ)
First Deal: Preforeclosure need help - Posted by Brian S.
Posted by Brian S. on April 28, 2000 at 16:05:00:
All,
I have stumbled across a deal. Owner is 3 months behind on payments I have talked to her, she wants to sit and just let the foreclosure process happen. She is a little mad and doesn?t care. I find out that a man who lives on my street holds the note on this property. I have talked to him and he is willing to have me assume the note at 8% 25yrs. Five years have already been paid on the note. Sale price was 245K comps are 350K+. Payment around $1900. He owned home free and clear. The problem is neither of us knows what to do to get the woman to budge on her position. I have offered to pay her back payments and put some walking cash in her pocket, still no movement. Any ideas.
Thanks,
Brian
Re: First Deal: Preforeclosure need help - Posted by Ben in Ohio
Posted by Ben in Ohio on April 30, 2000 at 11:06:26:
Have you asked the lady what she is upset about?