Posted by Mel FL on June 20, 2000 at 06:34:40:
You brought up a good point. Thats why I don’t just go for the deed-As someone, whos post was deleted, so elegantly put it.
The way I figure, I go get it under contract then I can work out the problems.
Thanks alot for that tidbit about BK, one more thing I wasn’t told in my many coarses.
Mel FL
I know this is a deal. How should I proceed? - Posted by Mel FL
Posted by Mel FL on June 19, 2000 at 14:31:53:
I just got off the phone with another caller. She is the perfect example of a motivated seller! The only problem is she doesn’t know jack about her house or her situation. All she really seems to be sure of is that she wants out of both, FAST!
The facts that I did gather are, First the house is worth about 60-65K.(I know this much is true from my own research.)And that the first is Assume-No-Qual(she is sure because they assumed it when there credit was crap.) She knows the balance is about 26K or so. She has a second that she took out about a year ago that is for about 10K she thinks. (seems her husband, that left her, took care of all this before) She doesn’t know what the intrest rates are on either of the loans although she thinks the first is either 7.5 or 12%. (ya know being so close she can’t remember) She is behind on payments but, you guessed it, she doesn’t know how much. She does know that her pmts are 376 on the first and 148 on the second. She is trying to file bankruptcy for the third time. She says that the first attourney wasn’t doing anything and the second one was indited for unrelated charges. The third one doesn’t seem to be satisfying her either.
So when I asked what she wanted for the house, she just said she wanted OUT!
I have an appointment to meet her at 9:30am tomorrow. My question is, how do I proceed? My plan right now is to get her to sign an authorization to release info for both her loans and an exlusive option to take the house “subject to” the existing loans. Then try to fill in the blanks and see what I can do with it from there.(I’m almost sure she will do it, if I tell her that it’ll be making her problem my problem.)
I would welcome any other opinions about how to approach this. Or any advise about what to do after I have the option.
Thanks to all who help us beginners so much!
Mel
Re: I know this is a deal. How should I proceed? - Posted by Jeff (FL)
Posted by Jeff (FL) on June 20, 2000 at 02:50:00:
Mel,
Just do us all a favor. Don’t promise anything you can’t deliver.
Wishing your success,
Jeff (FL)
Re: I know this is a deal. How should I proceed? - Posted by dew
Posted by dew on June 19, 2000 at 23:25:22:
Yes, the authorization is good, but do title check first. If husband is on title, he’s probably on the loan too and will need to sign the auth. too. Most lenders, if she calls each of them, are set up to give most of that info. over the phone. Although being behind it probably won’t be immediate. If you can trust her doing this it will get you more of the info. you need.
Re: I know this is a deal. How should I proceed? - Posted by JohnBoy
Posted by JohnBoy on June 19, 2000 at 14:48:29:
You need to check title on the property. See if her husband is on title also. If he is you will need him to sign off also. Check for other liens on the property and do get the release form signed off from her to release information from the lenders. Verify exactly how much to bring the loans current and what the payoffs would be. Also find out what her intentions are to file BK if she gets rid of the house. Will she still be filing a BK? If so, the court could reverse the sale being so close to filing the BK vs. when the property sold or transfered interest. Usually if there is equity left in a property the BK court can reverse a sale that took place within a year of filing the BK. You need to check everything out on this before committing to anything. You can tie the thing up subject to your verifying everything to lock in the deal if all checks out.
Re: Promises - Posted by Mel FL
Posted by Mel FL on June 20, 2000 at 06:20:01:
I never do! That is one thing that I hate about being an investor, when I am dealing with some one who has dealt with an investor before, and THERE reputation preceeds ME! If investors get any worse people will start telling investor jokes instead of lawyer jokes.(sorry Bronchick) Before anyone blasts me I know that its only a few that are bad.
Mel FL