Pre-foreclosure HELP! - Posted by momzbiz(tx)

Posted by momzbiz(tx) on January 30, 2001 at 15:40:32:

My postcard was very generic and handwritten as advised in a course I purchased. Interested in selling your home?, I have the means to buy it fast. Please call and let’s talk. My name and #. Nothing threatning, not even a mention of her situation. For all she knew I put one on every neighbors door to get listings for a realtor. But anyway I guess maybe time is not on my side. Thanks for the encouragement so far, I WILL KEEP LOOKING !!

Pre-foreclosure HELP! - Posted by momzbiz(tx)

Posted by momzbiz(tx) on January 30, 2001 at 13:12:44:

I have a problem/question. The sale is next week and I need to get moving quick. There is a home in pre-foreclosure that has a $110K mortgage on it since '94. I t is 2300+ sq. ft. in a great neighborhood. There is a house around the corner on the market for over $200K. That is the market value in that area. I talked with the owner and she was quite angry about my postcard on her door. (By the way when i looked in the window there were boxes packed and the christmas tree and presents are still set up.) Anyway when i asked her if perhaps they had already settled their account, she told me no and that they were going to figure something out, some way.- THE END. Well as I stated we only have 4 bus days until the sale and I don’t have $100K to go to the steps, and I know that if it gets to a REO realtor ITS GONE ! Any suggestions?

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

Re: Pre-foreclosure HELP! - Posted by SueC

Posted by SueC on January 30, 2001 at 14:20:22:

Seems there must be at least some lesson to learn here - what did your postcard say? Wasn’t there some way you could have let her know you were there to solve her problem, assure her your intent was not solely to scoop the house? I’m just positing the question, obviously you could have handled it the best way possible, and she just was in denial - but the fact that somehow it began with anger on her part, something got her back up before you even got to really talk to her. Maybe not, maybe like I said, she was just in severe denial. It would be interesting to hear more detail, though, for an example.


Re: Pre-foreclosure HELP! - Posted by JDenney

Posted by JDenney on January 30, 2001 at 14:19:13:

Until the sale the owner still holds the deed. No deed No deal. At this late date there is no cost savings advantage for the bank to deal with you anyway. In order for this to work you would have to get the owner to deed you the property and the bank (after a year of legal battles) to halt the sale to get a payoff from you…maybe. Forget it. The only help you can be to that woman now is helping her move her stuff to the curb and it doesn’t sound like she is smart enough to accept that help either!

Good luck on the next one , I am sure it is closer than you think. Jeff

Re: Pre-foreclosure HELP! - Posted by Brent_IL

Posted by Brent_IL on January 30, 2001 at 13:38:51:

Head-in-the-sand syndrome. You can?t make them deal. If you can?t do it, and don?t have time to find someone who can, forget it. Look for the next one. I think Robert Allen said, ?The deal of a lifetime comes around 3 or 4 times a month.?