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!