" Soup to Nuts" Help - Posted by Eloise (NY)

Posted by dewCO on November 09, 2000 at 22:24:07:

Tax assessments are always low, YOU need to know the value first. Also, you need to know what liens are against the property, before you go too far. But you could make an offer, just based on value and see if that covers all the liens and your profit.

I’m suspicious of attornies in general. If there is equity here, they will have a friend buy it(???)

What kind of offer will fit best, in this situation is usually cash. Generally the estate will not want to carry back a loan, or do lease option.

If foreclosure has been started, then it is going somewhere, you need to know how fast it moves in your state.

" Soup to Nuts" Help - Posted by Eloise (NY)

Posted by Eloise (NY) on November 09, 2000 at 18:45:14:

This is the first time I decided to take it upon my self to see where this will lead me. Well I saw this house last weekend cornor lot with at least 4 bedrooms (abandon) So today I did some reseach on the house. I found that the owner died last year. The property is assigned to a Miliaty Attorney as Guardian appointed by the court. The last property assessment was done in 1997 and
mkt value according to the assessment $205k, A judgement against the property for $ 79k from the morgage company, taxes haven’t been paid they are about 1500 the last morgate on the house was for $140k and this is form the same company who has the judgement against the next of kin. I’m not sure if I’m reading everything correctly especially the morgage company I see a frist Adjustable Rate Mortgage for 140k and 2nd mortage $140k but the same company. My questions. What kind of offer will fit best? I guess I would presence it to the Guardian in charge of the estate. Did I miss anything as far as my research. Is there a possible deal with no money or credit?
which way sould I go next?.

the house need work inside and out someone has start forclosing procedures but is has’nt gone anywhere yet.
thank for all your ideas.

Re: " Soup to Nuts" Help - Posted by GIO

Posted by GIO on November 10, 2000 at 23:42:22:

Hi eloise,
as dew says, assessment means nothing, and if an atty has it, its surprising that he has not done anything with it - if the prop is in 4closure than the atty handling the 4close will tell you all the liens on the prop - you MUST know the value of the prop in good condition, and you MUST know the cost of repairs, unless you make SUCH a low offer that thisis not a concern. Your offer can be made directly to the guardian but if he is an atty he’s no dummy and will not accept a no cash deal, besides there are liens and anything he accepts must cover the liens -
the only thing you can do here is make an offer (low enough to cover all expenses and profits)to the bank holding the liens and be prepared to go into contract if they accept. No money down means not your own money. This doesnt sound like a deal but only you know all the variables so you must decide.

lol and keep trying