Posted by Bud Branstetter on November 22, 1998 at 10:01:22:
First I would get a contract or option from the property owner. Next I would talk to the mortgage holder to see what it is that he wants. Does he wants all cash? Will he discount? Will he take a certain amount of cash now and re-write the note? You could probably sell a second note to wipe out the existing second if there is a real appraisal for $150k. Until you review that appraisal you don’t know why your comps show different. Until you talk to the mortgage holder you won’t know how to structure an offer. Why is the foreclosure timeframe in OK?