Posted by MArk on October 08, 2003 at 14:39:56:
Yep!that would hurt.Its hilarious to visualize however.
No offense taken.I think as I stated in a prior I
think there in a strong cash position and expect some
loss.Well I,m off to look at a 12x60 the guys asking
$1500.00. in a family park.Thanx MArk
Second opinion - Posted by Huntindeals
Posted by Huntindeals on October 04, 2003 at 19:03:06:
Found a 2001 fleetwood good condition S.W.Refrigerator
washer dryer gone.Mortgage due $15,550.00 owner wants out.
Not tape and textured. 3 bedroom 2 bath 56 x 16.
Skirt and a/c included.Buyer to pay moving costs.Books
at $14,232.00.Doing a land home package.How much would offer? I have a number in mind looking for feed back.
Re: Second opinion - Posted by Tony-VA/NC
Posted by Tony-VA/NC on October 05, 2003 at 09:31:41:
You are thinking $10k but the Buyer owes $15,550 on the underlying loan? Where do you anticipate the extra $5,500 coming from?
A motivated seller is one thing but a true deal is a motivated seller who can actually sell to you at the price or terms that work for You.
What is the solution you are anticipating to overcome the loan issue?
Tony
Re: Second opinion - Posted by Lyal
Posted by Lyal on October 04, 2003 at 19:44:23:
Have you read Lonnie’s book(s)??
Don’t make an offer. See what they need to solve their problem (as opposed to what they want). If it matches what you have in mind make the deal.
All the best, Lyal
Re: Second opinion - Posted by Huntindeals/MArk
Posted by Huntindeals/MArk on October 05, 2003 at 11:00:12:
Solution?They used this S.W for temporary dwelling while constructing a large custom home in the foothills.The strategy here would be,they have the resources to overcome there pending loss.They did live in the house for 2 yrs and remove some appliances thus removing perceived and actual value.Its hard to believe that they would expect to get what they owe
after striping out actual items of value.
Window shades & ceiling fans also.I feel they expect to lose some,how much is yet to be determined.
I would soften up on my $10,000.00 position if I see
some considerable movment in my direction. There are other costs
as you know here, moving ect. to consider.I see myself
as the solution to some extent.You have posed a question that I honestly did not consider.Thanx for taking the time to introduce me to reality.I got a
little lost in fantasy land here.I have alimit set
and it either works for them or it doesn,t.
Re: Second opinion - Posted by Huntindeals
Posted by Huntindeals on October 04, 2003 at 20:17:15:
Thank You.No I haven,t.They feel $15,550.00 would solve
there problem and I feel $10,000.00 would solve mime.
So the ends are a considerable distance apart.I suppose a little more time may move them closer
together.But none the less thanx LYAL for your time.
Funny,…I was thinking $10K (nt) - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on October 04, 2003 at 20:28:54:
.
Re: Funny,…I was thinking $10K (nt) - Posted by MArk
Posted by MArk on October 05, 2003 at 16:43:46:
What would you have expected to happen to the $5500.00
difference between the $10,000.00 offer and the balance
due?The question was posed to me earlier.Thanx Mark
get this - Posted by Steve-WA
Posted by Steve-WA on October 05, 2003 at 18:49:58:
I owe 15K to the bank for my MH. You want to pay me 10K. I still owe the bank 5K after you pay me. Am I hard up enough to want to do that, just to get the monkey off my back? Maybe I am paying lot rent and insurance and utilities, maybe it is worth 5K to me to stop the bleeding now.
But somebody’s got to pay the bank their remaining 5K!
Re: get this - Posted by MArk
Posted by MArk on October 06, 2003 at 10:55:07:
And your would offer to do what exactly?
Re: get this - Posted by Steve-WA
Posted by Steve-WA on October 08, 2003 at 11:39:31:
“Who pays the difference” was to get you to come to the conclusion of:
If the seller is motivated enough, and if the situation is such that it makes more sense to him to pay the 5550 to stop his responsibility for lot rent / insurance / utilities / etc. (like cauterizing a homemade amputation with a blowtorch - hurts like he//, but consider the alternative - bleeding to death).
Only other possibility that I see would be to put together a short sale package and submit to the bank - this would be done only after the seller was behind three payments or so, and the bank can see that they, too, should cut their losses and take what they can get when they can get it. And the likelihood of that happening is a crapshoot - different banks, different bankers, phases of the moon - often a bank, while it makes sense to get rid of non-performing assets, will not do that for whatever reason. AND it can take months for the package to go through and be reviewed - sometimes right up to foreclosure/repo auction time.
This is VERY basic, and applies to standard REI short sales as well. In fact, Conseco in my area kind of runs its repo liquidation like an ongoing short sale process - they wait for a bid (package), evaluate and decide if they will accept even before they will start the repo process at all. AND holding costs are mounting, which they will not acknowledge nor pay for. Really tough to deal with them, especially when most of their repos are trashed - need walls, roofs, floors, carpet, windows - etc - major rehab, on a MH scale.
I did not mean to put you off, but I thought it was obvious regarding who would have to make up the difference of 5550.
Good luck with that.