Posted by John Behle on January 12, 1999 at 21:59:41:
Client came to me with a 75k bad second. T.D. wasn’t recorded and couldn’t be found. The note was recorded, so there was a questionable title that would have to be straightened out by the court.
First was in foreclosure. Tried to work with the owner and arranged financing to bring it out of foreclosure. Owner was in denial and didn’t believe they had a right to foreclose. Made the offer until the foreclosure, but owner wouldn’t budge.
After the foreclosure, made an offer to the bank. Totally rejected. Let them sit and swelter for a while. Made another offer with a little higher price and 18k in earnest money to get their attention. Bought the property, put some money into rehab (A LOT) and made 110k. Currently providing food, clothing and shelter while helping the previous owner back on her feet.
I consider that Win/Win.