Posted by Kate (VA) on February 12, 2001 at 10:51:54:
No, I think I’ll save my questions for the more knowledgable folks on this board, particularly those with less attitude than you. I would simply like to point out that no one is forcing this owner to do ANY deal. If he agrees to what Mr. Ed proposes it will be of his own free will. Maybe the owner would sell during a redemption period, maybe he wouldn’t (as I said before, he hasn’t taken advantage of the past 6 months that he couldn’t make his payments to sell). In any case, the owner has the ability and the responsibility to say no if he doesn’t feel this deal is in his best interests. To imply that Mr. Ed is somehow morally corrupt for trying to get the best price he can on this house is ridiculous. He’s an investor, not a social worker.
One final thought, your two options are not the only possibilities. If the house is sold at auction, there is no guarantee that it will sell for the amount you suggest. It may very well sell for only the amount due on the loan leaving the owner with nothing.