I don't see a deal here, am I wrong? - Posted by Todd B (Va)

Real Estate Investing
1

Posted by scottB-nc on January 22, 2002 at 17:22:47:

There is no deal here and there is no equity! Not when you throw 17k at a deal that leaves you invested at $4,000 over market value…

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I don’t see a deal here, am I wrong? - Posted by Todd B (Va)

Posted by Todd B (Va) on January 22, 2002 at 12:11:18:

I got a call from someone today that is about to go into foreclosure this thursday. I don’t see a deal here, but wanted to see if anyone else does.

value of house 150k(using my comps)
total owed for payoff 137k
arrearages( amount to catch up) 17k

It looks to me like the only way to do this would be to take the house subject to, and catch up the 17k immediately. I’m not willing to shell out 17k for 13k in equity, so this is a no go. Is there any other possible way to work a deal here?

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Talk to bank after foreclosure sale NTXT - Posted by Brent_IL

Posted by Brent_IL on January 22, 2002 at 23:40:57:

nt

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I ain’t no expert, but I’d pass! (nt) - Posted by Carey_PA

Posted by Carey_PA on January 22, 2002 at 21:15:19:

.

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Seller contribution, payment spread, etc. - Posted by Rosie_FL

Posted by Rosie_FL on January 22, 2002 at 21:05:32:

  1. Is it still possible to only make up the arrearage?
  2. Will lender give a forebearance? where they tack some of the arrearage onto the end of the loan?
    2.5 Ask the seller to renegotiate a payment plan for the arrearage where the payments are a little higher until the arrearage is caught up. I asked a seller to do that and the bank agreed -DARN!- talked myself out of a deal that time!!
  3. Will the seller kick in some cash to be relieved of his problem?
  4. Are the payments low enough that you can create a monthly spread when you resell/LO? Might give a good Cash-on-Cash return for a $4K investment.

I haven’t done one of these yet but I’m looking at preforeclosures that other local investors are passing up because they appear worthless due to No Equity.
These ideas came from Bronchick’s Cash Cow (I think it’s called Alternative Financing now) course, and from listening to Charlie France (GetTheDeed) in person.

Good luck.
Rosie_FL