help ASAP on my first possible deal!! - Posted by Linda

Posted by Ronald * Starr(in No CA) on January 31, 2002 at 12:31:30:

Glen Bradly–(in SO CA)-------------------

I use CD-Data and FARES dialup line. At work we have CD-Data disks and Fares disks. We will probably switch to the new coming up CD-Data online system.

I’ve never used DataQuick. When I signed up with FARES in 1987, it seemed better than DataQuick. Since then, my impression is that they are about equivalent to FARES.

Good InvestingRon Starr****

help ASAP on my first possible deal!! - Posted by Linda

Posted by Linda on January 29, 2002 at 17:23:14:

Ok, I’m new at this!! How can I make this deal work? The house was appraised one month ago at 675,000, the seller owes, 635,000 in 1st 2nd and 3rd mortgages, including overdue taxes and late payments. The house is currently rented to tenants who pay 3,000/mo rent but having been only making partial payments for the past 3 or 4 months. The house is in pre-foreclosure - has about 60 days until foreclosure. I’ve been told I can ask the seller to give me deed to the house while keeping his name on the loan, then sell the house to another investor or lease option buyer. I’m in California, Santa Clara county. Can anyone give some advise?

Re: help ASAP on my first possible deal!! - Posted by David

Posted by David on January 30, 2002 at 24:39:29:

Even if the appraisal is true…can you catch up on the back mortgage payments and carry the mortgage if needed for a month or two, or more… until you can find another buyer?

Re: help ASAP on my first possible deal!! - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on January 29, 2002 at 22:38:41:

Linda----------

Never believe an appraisal figure from a seller. Completely ignore it. You have to know the market value yourself. IF you do not know market values, do not make any agreement to buy.

I have a service that I can log onto that will quickly give me comps for the property. If you want to e-mail the address, I will give you my opinion of the value, based on the comps that I come up with. For Free. I will not try to take the deal from you. This is not my type of investment. Also, I doubt seriously that there is any equity at all in this property now. The loans were probably put on when prices were higher than they are now. This property is probably not a deal at all.

My best advice as this time: PASS. Or, if you know some more sophisticated investors, tip them off about the “deal.” Try to get a few thousand dollars for birddogging it for them. The BAIES meeting is next Tuesday at the Marine’s Memorial Hotel in San Fran. Starts informally at 6:30, speaker at 7:00, You probably could find somebody to talk to about it there.

Good InvestingRon Starr***

Re: help ASAP on my first possible deal!! - Posted by MariaB

Posted by MariaB on January 29, 2002 at 19:03:35:

Hey Linda,
It sounds like this house could be in my neighborhood! Good luck with it and let us know how it turns out for you!

Re: help ASAP on my first possible deal!! - Posted by J. Clifton

Posted by J. Clifton on January 29, 2002 at 17:49:36:

You can’t, as a newbie, and no one else can either, based on the little key info given. Are all the existing leins and fees known beyond what you’ve been told? Is it way too late to negotiate a forebearance with the lender, and is the buyer motivated enough to issue you a release to talk with them? Has the seller agreed to your offer at all? Do you know why the tenants are making only partial payments? Or how much it will rent for, and will they pay it? Will you have to evict them? Do you have reserve cash to pay on this money pit until you have a new buyer? Or reserves to handle repairs and maintenance? Do you have an investment strategy that calls for you to go after pricey property from the start, or are you jumping into a total mess without an exit plan?

If not, pass, start with more moderate priced property and genuinely motivated sellers (that is, sign up an actual deal with contingencies, releases and seller disclosures), and get all the needed info first on the next one.

Re: help ASAP on my first possible deal!! - Posted by Michael S. (CA)

Posted by Michael S. (CA) on January 30, 2002 at 12:27:52:

Ron,

I will be attending the BAIES meeting next Tuesday for the first time. Are you a regular member? Looking forward to Tuesday and I hope to see you there.

Michael

Appraisal Software - Posted by Phamtastic

Posted by Phamtastic on January 30, 2002 at 24:25:15:

Starr,

Where can I get this software you are talking about and how much would it cost?

Currently, I use MSN, Yahoo, Domainia.com, for the general free stuff. Then if I feel that I have a good deal on the line,…I pay $10 to Dataquick.com to get the comps.

I was thinking about using a realtor, but I have not established good enough rapport to ask them for comps.

I would be very interested in hearing about how you cost effectively do this.

Thanko Grando!

Phamtastic

Re: help ASAP on my first possible deal!! - Posted by Linda

Posted by Linda on January 29, 2002 at 19:00:26:

Thanks for the education. I had thought vvaguely about these things but didn’t know what to ask about them. FYI : this is a moderately priced home for this area!! Median sale price here is about 1 Million - and he called on my ad - I didn’t look in this area.
Thanks again

Re: help ASAP on my first possible deal!! - Posted by steph in tex

Posted by steph in tex on January 29, 2002 at 18:35:05:

Also check your local Foreclosure Procedures and check the Landlord / tenant rules first too.

Texas is a quick foreclosure process, but
you may have more time than you think.

Check it all out.

S

Re: help ASAP on my first possible deal!! - Posted by Ronald * Starr(in no CA)

Posted by Ronald * Starr(in no CA) on January 30, 2002 at 14:53:12:

Michael----------

I’ll be in OK then. If you see me, it is an imposter. Or you will need to have your eyes checked.

Good InvestingRon Starr***

Re: Appraisal Software - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on January 30, 2002 at 14:58:08:

PhamTastic----------

It is not software. It is a service. First American Real Estate Solutions–FARES. Costs about $69-$100 a month. They have a dial-up and an internet service. Plus, for more money, they have monthly CD-ROM discs for individual counties. 800+426-1466. It is similar to DataQuick.

You already know about DataQuick.

CD Data has a similar, cheaper, service. For CA only.
619+265-2586

Good Investing*Ron Starr

Re: Appraisal Software - Posted by Nate(DC)

Posted by Nate(DC) on January 30, 2002 at 13:16:24:

Minh,

Actually, if you ask me, I’d be happy to pull comps for you provided I’m not too busy or out of town that day.

Nate

Re: help ASAP on my first possible deal!! - Posted by Glen SoCal

Posted by Glen SoCal on January 30, 2002 at 20:27:24:

Ronald Starr*****

I’ve been using FARES. I haven’t made a comparison with other products. Do you have a recommendation?

I also will be attending the next BAIES meeting as I’ll be in the Bay Area. Any message for your imposter?

Glen

Re: How about www.homegain.com - Posted by Sharonb

Posted by Sharonb on January 30, 2002 at 19:43:37:

Homegain.com gives more detailed comps than yahoo and other sites don’t give…square ft, beds, baths, lot size, date of sale. It automatically calculates it for you, and you choose what comparables you want in your figures…and it’s free.

Re: help ASAP on my first possible deal!! - Posted by Ronald * Stqrr(in No CA)

Posted by Ronald * Stqrr(in No CA) on January 30, 2002 at 22:12:05:

Glen Bradly–(in So CA)---------

Please see my post two below the one you did on this thread.

Good InvestingRon Starr*********

FARES, Data Quick, CD Data - Posted by Glen SoCal

Posted by Glen SoCal on January 31, 2002 at 01:51:07:

Ronald Starr***

I did read that thread, and I copied the info. I use the CD’s that FARES offers and I’m aware of their online srvices, but I haven’t used Data Quick, though I’m aware of the service. And I’ve never heard of CD Data.

Do you use all of these services, or maybe parts of them? Is there one service you prefer over another?

Thanks, Glen SoCal