Posted by dewCO on October 27, 2000 at 19:51:20:
With, Sure I understand, but “What are you going to do if _________ were to not happen?” How can we SOLVE your problem.
Plus whatever else Joe K. has in his Getting on the Same page iwth the SEller list. Use them all, frequently.
No motivation - buy the note? - Posted by Augie (So. CA)
Posted by Augie (So. CA) on October 26, 2000 at 21:05:15:
Hi there,
I’m a newbie. I’m trying to learn from you guys.
Previously, I posted regarding a seller with a 3BR condo with a lot of equity. The comps are $200k and she owes $75k. I called (third time) her again today and spoke to her adult daughter. She was kinda ticked and told me, “As I’ve told you before, we are not selling the place”.
The NOD has been filed on this property about 1 month ago. I obviously am not “getting on the same page” with the seller. Now, from what I’ve been reading from this newsgroup, the next logical step is to buy the note from the lienholder and foreclose myself, right? I know who the lienholder is but don’t have 75+ grand in cash to offer the lienholder.
Are there any other techniques I need to try? How can I get my hands on that note without much cash?
Thanks in advance,
Augie (So. CA)
Re: No motivation - buy the note? - Posted by Marty Weisberg
Posted by Marty Weisberg on October 26, 2000 at 22:48:13:
Augie,
Understand that you can try to buy the note. I am guessing with all of the equity in the property that the note folder will not sell it. Even if they do it probably won’t be at a discount. So they will probably just rfinance and you will just get your money back. That’s not a great dea.
Marty
Re: No motivation - buy the note? - Posted by dewCO
Posted by dewCO on October 26, 2000 at 22:28:44:
So, what page is the seller on? What are they going to do? You need to talk to the mom, not the daughter. Either go in person or keep sending little notes. If the daughter says “they aren’t selling” has that been your question, or are you asking, what can I do to help you out?
If there’s that much equity, the owner should be able to sell it quick when needed, but who knows. Make sure you are taking a problem solving position.
IF there is only a first, the lender may not be interested in dealing with you with this much equity. They really don’t have much to lose because it should go for much higher at the sale.
If you don’t have the cash you need a partner. They won’t settle without cash.
Re: No motivation - buy the note? - Posted by Augie (So. CA)
Posted by Augie (So. CA) on October 27, 2000 at 01:23:10:
During the second call, the mom wasn’t home. I asked the daughter what her mom plans to do with the place. She said, “We’re staying here. We’re not selling.”. I think they are in denial. Daughter also told me previously that they are getting tons of inquiries from everybody who wants to buy/help/ask/etc. I’m afraid they might be in denial and would just give the place to the bank. If that happens, the only thing I could do is to attend the Trustee’s sale. I don’t have hard cash for that. I doubt if the lender will be the high bidder which means I can’t buy it from the bank afterwards.
If I do see her in person, how do I get around the “I’ve told you several times already that we are staying” phrase?
Thanks,
Augie (So. CA)