Posted by Tim Jensen on February 16, 2002 at 14:16:37:
I am not saying you would take advantage of the guy, but that is what his relatives would be saying.
Tim
Need suggestions on working this Pre-Foreclosure - Posted by Mark_IL
Posted by Mark_IL on February 16, 2002 at 13:34:19:
I have a pre-foreclosure house in a good location with a FMV of 120k and a first that is in default at around 35k. The owner and I have spoken and he would be motivated if he could get what he wanted which is to stay in the house and “finish” his projects (using my cash of course).
The owner has suffered some sort of breakdown and is paranoid. He is not working, lives alone in a very untidy home. He does not have the ability to take care of himself let alone his property.
Can anyone think of an approach to this owner that may let me get through to him? Should I just wait for this one to go to auction?
Any ideas would be helpful,
Mark_IL
I will wait for the auction - Posted by Mark_IL
Posted by Mark_IL on February 17, 2002 at 14:38:49:
I guess patience is a virtue so I will wait until May or June when the auction should take place.
The man did say he is very comfortable with letting the bank take the home back.
Thanks,
Mark Smith
Unless he has a court- appointed guardian… - Posted by Ben (NJ)
Posted by Ben (NJ) on February 16, 2002 at 14:43:50:
I would pass. A foreclosure judgment would be vacated in two seconds if he is as bad as you say. Also as Tim says, you will be the bad guy no matter which way this thing goes.
I can see it now - Posted by Tim Jensen
Posted by Tim Jensen on February 16, 2002 at 14:15:04:
The Headline Reads: INVESTOR RIPS OFF MENTALLY ILL MAN.
Mark,
I would wait til the auction. If this guy is like you say, you could have a problem if you bought it from him. Is he sane enough to understand what he was doing.
Just an suggestion,
Tim
PS- What happened with the foreclosure auction on Friday?