results, at last ! - Posted by Laure

Posted by Bud Branstetter on March 16, 2000 at 24:29:06:

The odds of going after a deficency judgement after a foreclosure are small. If she were to put the title into a land trust and then a wrap contract or assignment of beneficial interest would make me feel safer. While a bankruptcy court could pull it back it is also unlikely.

results, at last ! - Posted by Laure

Posted by Laure on March 14, 2000 at 21:33:45:

I have been running ad:
In Trouble? I buy houses. Quick Close. Call 555-5555

Got a call last week from a guy in local mental ward ! He actually admitted it ! LOL and a few calls from rural sellers. Nothing I was interested in.

Today I got a call from a lady in divorce with 4 homes for sale. All are listed with a Realtor right now and have gotten no action. One is in foreclosure and the bank has offered her to short sale the house.

I told her to talk to her “partner” (soon to be ex-husband) and give me their BEST cash deal tomorrow when we meet. I drove by all the homes today, and am interested in all but one. They are all in my target area also ! for a change !

I ran “recent sales” on and they seem to be at market price. There is some good cash flow to be made if rented, and if spruced up, could sell them on L/O or contract to low income buyers.

I just don’t know how hard to push them for price. Prices are all in the high 20’s to low 30’s. Would be an incredible deal in the teens, but even at these prices, there is money to be made.

Laure :slight_smile:

Re: results, at last ! - Posted by Bud Branstetter

Posted by Bud Branstetter on March 15, 2000 at 09:33:18:

While an all cash package deal may be what is needed don’t dismiss the owner financing angle because there is a divorce does not mean that both side will sell out cheap. Only one side may want cash. Even split funding to allow the fix up and resale may be possible. Multiple offers may get better results.

Re: results, at last ! - Posted by phil fernandez

Posted by phil fernandez on March 15, 2000 at 08:25:32:

Hi Laurie,

I agree with Hal. Push for the package deal. You can resolve this woman’s situation not only with the house that’s in foreclosure, but free her of the headaches of the other three as well.

You should be able to get a discount on the four houses as a package. Buy all and her problems are over. When you buy a bag of apples, the individual apples are cheaper, then if you just bought a single apple.

Why not push, especially for a package deal? nt - Posted by HR

Posted by HR on March 15, 2000 at 04:39:16:


Re: results, at last ! - Posted by Laure

Posted by Laure on March 15, 2000 at 22:53:51:

I am only interested in “getting saddled” with one of her homes. She showed me her payoff for her loan, and is willing to get out even steven and even pay the taxes due. She is willing to do a wrap for a year. But if she goes into foreclosure on some of her other properties, or gets in trouble because of her divorce, am I safe?? couldn’t my new property get attatched with liens??

Laure :wink: