Uhhh, I respectfully disagree - Posted by Stew(NE)
Posted by Stew(NE) on January 30, 2001 at 20:04:41:
Ahhhhh. I guess I am the only one that thinks that this could be pulled off. I got to ask you an important question. Have you done your research? Is there a second mortgage? Are there any other liens?
Does Uncle Sam have a lien on the property. If you don’t know the answers to these questions. Go to a title company and spend $50 to $100 and find it out. Ask them to give you a preliminary search some time they will do this for free. If not, its $50 to 100K. You will lose more than that at a good dinner. This is how I have done it so this is not theory. Grant it, I did have a little more time than you do. If there is a second, negotiate it for 10 cents on the dollar. Beleive it or not I have been able to negotiate a 40K second down to 4K. It can be done. Now you need someone to give you 100K for the auction. Let’s see, who has money. The Bank. The problem is they will ask for some collateral and check your credit and need to do at least a drive by appraisal. Unless you already have a relationship with a banker, I would go to a mortgage broker and spill my guts. With this much money at stake and a little collateral he can find you at least a 6 month bridge loan. I got a 90 day no payment loan one for a foreclosure. Take a picture of the property, get the tax appraised value. Get everything you can to prove that the house is worth what you say it is. Go to the bookstore and get anything you can find on foreclosures. Use this crisis (in Japanese, this also means opportunity) to learn a lot and to motivate you. You will be on an emotional ride. Keep a diary of the events. There may be other deals around the corner, but make sure you give this one your best effort. Good Luck