Posted by William, Columbus, OH on June 07, 2000 at 12:11:18:
Thanks for responding. I put the incorrect number of months remaining on the note. It should have read 336 months remaining instead of 358. Sorry about that!
I appreciate the feedback from each of you.
Looking for suggestions, please - Posted by William, Columbus, OH
Posted by William, Columbus, OH on June 06, 2000 at 22:37:56:
I have a prospect that is in trouble but won’t go for my buying his property “subject to”, or for a lease with option. I mentioned a possible option to buy and he didn’t choose that, either. He doesn’t like the idea of the note staying in his name because his mother advised against it out of fear. He owes about $135,000 on a 1st and 2nd mortgage and feels the property is worth about $150,000.
I don’t believe it would sell for that (unless I offer it with seller financing) because it is in an area of new homes where people can pay that and get their choice of colors, carpet, woodwork, etc. His note is an ARM that increases 1% yearly and is presently at 7.66% with 358 months remaining and his 2nd for $11,000 is at 11% with
168 months remaining. Were I to pursue an outright purchase I don’t see that I have anything to work with in attracting a buyer, whereas buying it “subject to” would allow me to promote seller financing and carry paper for the difference. Any suggestions on how I might pursue this differently? Respectfully, William
Why not try… - Posted by Jim-WI
Posted by Jim-WI on June 08, 2000 at 13:04:41:
The Bronchik method… Buy 10% below market. Sell it 10% above market with seller financing and take 10% down? I think it’s in his Cash Cow course. I almost bought a house like this until I found out the real FMV was way lower than I thought.
How about a mailing list of one? - Posted by soapymac
Posted by soapymac on June 07, 2000 at 10:01:30:
William,
Joe Kaiser, on his site, www.nothingdown.com, lists a letter that he sends out to pre-foreclosures. What would be the possibility of you getting pictures of ANOTHER home that went into foreclosure, then sending him Joe’s letter?
Maybe you can’t lead a horse to water and then make him drink…but couldn’t you put some salt in his oats?
Cordially,
Roy MacLean
“soapymac”
Re: Looking for suggestions, please - Posted by SCook85
Posted by SCook85 on June 06, 2000 at 22:54:12:
William,
The idea is for you to find a motivated seller. This guy does not appear to be motivated. Heck, he has only had the home long enough to make 2 payments on it yet. Time is what creates motivation, he hasn’t had the home long enough to become motivated. Move on and call him back in 3-6 months.
Steve
Re: Looking for suggestions, please - Posted by PBoone
Posted by PBoone on June 06, 2000 at 22:49:01:
Looks to me like another property on the foreclosure books, it make no sense to me why people hang on waiting for a miracle, then when one shows up they continue to wait for a different form of miracle.
Pat
Re: Looking for suggestions, please - Posted by William, Columbus, OH
Posted by William, Columbus, OH on June 07, 2000 at 12:05:38:
Steve: He has had the home two (2) years now and got into trouble when he took out a 2nd on it 1-1-99. He is
getting deeper in debt each month. He would have done the deal with me but his mother scared him prior to my meeting with him. She called me first and then told him to call me … after she insisted he sell outright only so his name is not on the note. Was just looking for some ideas (like the one Roy provided) that would assist in doing the deal. I am a very patient man and always learn from each experience. So I haven’t gotten my heart set on this one by a long shot. Thanks for responding, Steve.
Re: Looking for suggestions, please - Posted by Carol
Posted by Carol on June 07, 2000 at 06:15:14:
The seller is compounding his own self created problem. Unfortunately we cant force people to wise up.
Natural consequences will, or won’t.
I agree with sTever and Pat. Check back later.
Maybe he’ll listen to you and not MOm. Or maybe she’ll make his payments for him!
Carol