Got one on the hook, but… - Posted by DoubleJ
Posted by DoubleJ on July 15, 2005 at 08:15:34:
We talked a bit, and he said some of the magic phrases, like I just want to be out of this. He did say he would like to get a couple of hundred blah blah, but mainly just wants it behind him. So point is, I know hes willing to work with me.
He did however say that there are some liens in addition to the mortgage. Of course, he didnt know how many, or the amounts of them, or at least wasnt volunteering that info.
I plan on pulling comps this afternoon and evening on the property, and meeting with him tommorrow to see the inside of the property.
Of course, I will have to pull the title, or pay for a check, and then see what Im dealing with lien wise.
My goal is to assign a contract with enough equity to a rehab guy, or other investor, or someone who can close quickly.
However, Im wondering if they will be turned off by all the liens that need to paid off to get a clean title. I am experienced in debt negotiation, and understand that I should be able to get decent payoffs on the subordinate liens with a looming foreclosure.
But I wonder if I will be able to market this contract efficiently with the current issue.
Im mainly posting this to get peoples thoughts, or past experiences on the situation I have here. I would guess this is pretty elementary stuff for most wholesale guys.