First Foreclosure HELP SE MICHIGAN - Posted by Mike : SEMichigan

Posted by Mike :SEMichigan on July 09, 2002 at 14:12:44:

Thanks for the info and offer to assist. I sent you another E-Mail with more info.
Thanks
Mike

First Foreclosure HELP SE MICHIGAN - Posted by Mike : SEMichigan

Posted by Mike : SEMichigan on July 08, 2002 at 20:31:49:

Hi everyone I think I have my first foreclosure deal on the line. I am new at REI and am trying it fulltime due to a lay off from former job.

My dilema is that I need to finance this deal and show a letter of preapproval to the bank with my offer.

The Bank wants 54900 for a 2 bed 1 bath kitchen,living room,small utility room Bungalow on a crawl. Newer roof, and siding. The house looks great needs paint and carpet.
Rents for 2 bed in this area are about 650 to 750 month.

I was thinking to offer 45000 and try to assign my deal to another investor for 4500 cash in my pocketr at close. Houses similar in the area are selling for 57000 to 69000.

Any ideas on the preapproval of 45000 with no job now just unemploment benefits. Also any local investors interested in maybe woking with me on this? All help and suggestions will be greatly appreciated.

Re: First Foreclosure HELP SE MICHIGAN - Posted by Blane (MI)

Posted by Blane (MI) on July 10, 2002 at 10:56:32:

Mike,

Where in SE MI is this? Just based on your numbers I don’t see much of a deal here, esp. if you still have to paint and carpet the place.

I work with other investors and may be able to help with a better idea of price, and might be able to refer you to a mortgagor, but the no job thing might be an issue. Drop me an email if you’d like.

Blane

Re: First Foreclosure HELP SE MICHIGAN - Posted by HD

Posted by HD on July 09, 2002 at 12:39:18:

You cannot assign a deal if you are buying an REO. Banks will not allow it. You also need to check the numbers. You may want to try hard money lenders if you have no job and make an all cash offer based on money from them. If you need help with your deals e-mail me and let me know where in MI you are located and I can help you out.

Re: First Foreclosure HELP SE MICHIGAN - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on July 09, 2002 at 22:46:54:

HD:
steve cook once told me that a way of getting around the assignment issue is to buy as trustee of a trust, and then sell/assign the trust to your end buyer.
BMP