Posted by GL on December 14, 1999 at 23:31:08:
The deal doesn’t look that good to me. I think you ought to pass on it.Especially as it is your first deal.You can do better. Unless you are trying to do a stranger a favor out of the goodness of your heart. Of course I do not have all the details either. Good luck
Took first baby step (fell down), Ignorant question #2, and Bill Gatten are you out there? - Posted by Betsy
Posted by Betsy on December 14, 1999 at 14:09:12:
Next time I’ll take 3 or 4 steps before falling. Sellers in the “Oh God please help” stage called on my ad. (Hi Bill, you know me as Betsy Seawood. That situation is slightly altered at this time.) Anyway, three properties, Behind on the payments~6 months on one, 3 on another, and 1 month on the third one. I couldn’t THINK on the phone. I aimed my eyes at my notes but they meant nothing-the writing didn’t register! I gave these people hope. I was thinking of myself only, “Oh boy! There’s a deal here for me!” The lesson I learned on the floor after falling down- a two part lesson: Think “what can I do for THEM?” and ask all the right questions before saying anything hopeful. The seller wants cash to pay off the loans. I neglected to ask how much is owed. My source of funds wont touch these properties, too much owed on them. The best one is 192K owed on a house worth 215K. Is there any way for a deal here? I have mustered the heart to tell them I can’t help them but am putting it off until I check with all of you to see if I can offer them some alternative to foreclosure and despair. Thank you.
Re: Took first baby step (fell down), Ignorant question #2, and Bill Gatten are you out there? - Posted by Bassman
Posted by Bassman on December 14, 1999 at 16:24:29:
Betsy,
You don’t give enough info to help.
How much are back payments? What is the FMV on each property? Would they be willing to Deed the properties over to you, “subject to” the existing loans? If so, use a land trust or PacTrust . Why do they NEED cash, are they in foreclosure? If you can get the DEED , take over payments( not Loan ) and give the sellers peace of mind, while making up their back pmts, that seems fair to me. That, to some is a load off their mind- thereby you help them.What they get out of it is, No foreclosure, credit standing gets better ( by you making the pmts) and relief from the debt. What you get is, 3 properties you can sell on wraps, L/O, cash etc…, and still make money, by being a “transaction Engineer”. Don’t feel guilty if they don’t walk away with any money. If they are that far behind, they gave up a long time ago, and money shouldn’t be their main concern.
Just my thoughts.
Scott Cooper
Houston, TX
Call Bill Gatten . . . - Posted by Brad Crouch
Posted by Brad Crouch on December 14, 1999 at 14:32:51:
Betsy,
You can reach him at 1-800-207-4273 (1-800-20SHARE).
Good luck,
Brad
Why do you feel sorry for these people? - Posted by GL
Posted by GL on December 14, 1999 at 14:18:49:
You say they owe 192K on a 215K property and that is the MOST equity of the three? Sounds like they bought 3 properties for little or nothing down and milked them for all they were worth. Got back more money than they ever put into them. Did no work. Took no responsibility. Now they are ready to bail and leave someone else holding the bag. I know they expect us to feel sorry for them. I know everyone who knows nothing about business and living up to one’s responsibilities will feel sorry for them. But I don’t.
Re: Call Bill Gatten . . . - Posted by Betsy
Posted by Betsy on December 14, 1999 at 16:19:31:
THANK YOU BRAD! Thanks, I needed that. Did a conference call with Bill Gatten and the seller. Now to find buyers.
I am confused… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on December 14, 1999 at 16:46:07:
I just re-read Betsy’s initial post. I don’t see anywhere that she asked us to feel sorry for the sellers. What she asked is How can she help them?? And that is an excellent question. Because that is how we make money in this business. We help sellers with problems.
Cheers,
Mark
Tough crowd! - Posted by Betsy
Posted by Betsy on December 14, 1999 at 14:37:35:
You made your point. Thanks for the response.
Also, NO question is ignorant. This is how we all learn more ‘stuff’! (nt) - Posted by SusanL.–FL
Posted by SusanL.–FL on December 15, 1999 at 07:51:18:
nt