Got a live one here!! - Posted by Brian Beard (MD)

Posted by ken in sc on July 30, 2003 at 16:15:33:

You can buy and then sell ls/op and maybe do OK. I think the ls/op market is soft now due to low rates and easy qualifying - leaving only the dregs looking for ls/op houses. My play would be to try for a short sale. The lender is probably ready to get rid of these folks. They are already in the workout department and probably have names and contact numbers from the lender. You would only need a small discount to make this a good deal. If you could get the appraiser down because of the condition and short sale this at $90,000 or so it would be a good deal.


Got a live one here!! - Posted by Brian Beard (MD)

Posted by Brian Beard (MD) on July 30, 2003 at 14:50:34:

Howdy all,
I just met with another person who called off my bandit signs. They are currently 3 months in arrears for($3K)and are ready to walk away from the home. Apparently they have been doing this for a while, get a few months behind, catch up on a few of those months but can never get even. Also they are now seperating.

The deal:
$105 purchase price (what they owe) or take over payments
$1-3K to catch up on payments (supposedly going to pay $2k this week)
$5k for carpet and paint (horrible lime green color)
$3k misc. expenses (just incase)
$6k closing costs
$3K holding costs

Total conservative costs $125K
Comps at $140

What’s my best way to acquire this home? They lender has not begun the foreclosure process yet. I’ve done a few lease options but am afraid in this case to do so since they may aquire liens against the property. If they deed me the property but leave it subject to their financing would that take care of the possible liens?

I have two pre-forclosures in the funnel right now and I’m not sure of the best way to close these up. Both have signed authorizations to release information and have been open to anything.