Neighborhood Foreclosure - Posted by Terry(MGA)

Posted by Michael Morrongiello American Note on June 18, 1999 at 18:18:53:

You have to see what you can get away with in determining how motivated that lender is as a “don’t wanter”. Make your offer and see what their response is? If the home is “rough” looking then even take pictures and send them to the lender along with your offer. If you need help in lining up the financing to put up please advise us by calling 800-659-2274 or visit our banner ad above for more info on American Note

Michael Morrongiello
Operations Manager

Neighborhood Foreclosure - Posted by Terry(MGA)

Posted by Terry(MGA) on June 18, 1999 at 09:28:47:

HI everyone…:slight_smile:

I have located an home that will go into foreclosure the 6 of July a couple of houses down form me. It is a very attractive house that the buyer just up and left, move out of state. the loan was made for 87.9K and I have not gotten the complete picture yet, but will be going to the courthouse today to find the “rest of the story”. My plan is to offer the bank 55K cash for the house before it goes to the auction by getting a new 1st through a broker. I plan on getting 60-65k from a broker to do the clean up and replace the liner in the inground pool. it is a 3/2 with a carport, and is of brick construction. It is in a very nice area (I live just down the street) and the houses sell for any where from 80K to 100K.

I want to use this home to L/O for a while and I plan to try to purchase another home across the street after I give this one a shot.

I just wanted to know if offering the bank 55K cash was a good/reasonable plan? The house just need a bit of cleaning and maybe some paint inside…small stuff…:slight_smile:

I’m sure I have left out something but can’t think of what it might be…I would love some feedback on my plan from all of you…:slight_smile:



Re: Neighborhood Foreclosure - Posted by Terry(MGA)

Posted by Terry(MGA) on June 21, 1999 at 06:24:31:

I want to thank all of you for the quick reply to my post…:slight_smile: I guess I kinda jumped the gun a bit…Yes, Joe, your dead-on I “overlooked” the little fact that after it is posted in the paper I cannot make an offer to the bank! I got the name of the owner but it appears he has skipped town and I have not been able to find him so I guess I will have to take my chances at the auction.

May I ask what might be a good plan of attack at the auction?

Since I posted this message I have located another property I’m interested in. It is a 3 fam house. It has a 2/1 and two 1/1, the exterior is in fair condition, and it sits on a large city lot (small town). The two 1/1 need rehabbing in my opinion but are currently rented with long term renters and so is the 2/1. the income gross is 795 per month. They are asking 59.9 for the property. I plan to offer 30k for it as-is. The property will cover all cost and some improvments with a positive cash flow left over. I guess my concern is buying something that needs a bit of work. It is a 1940 era house, brick/frame single level. But I must admit, the income is appealing…:slight_smile:

What do you think?