Posted by Bruce (Ohio) on November 07, 2002 at 14:19:00:
Thanks for the advice, if I can make some money off of this one, it will be a success story in my book because it will be my first deal in investing. Thanks again,
Bruce
Finding the Payoff !! - Posted by Bruce (Ohio)
Posted by Bruce (Ohio) on November 05, 2002 at 16:08:14:
Is there an easy way to find what is owed on a property in an Estate Sale? I would like to make an offer on a property that has tenants living there, I will be sure to make a low offer due to the current shape of the property. But since the listing realtor will not disclose the amount owed on it or what bank it’s through, how would I find this information. He did say that the remaining family members can’t afford to buy it, so there’s got to be an amount owed. Thanks in advance for any ideas.
Bruce
Re: Finding the Payoff !! - Posted by Nicholas Massimo, M.B.A.
Posted by Nicholas Massimo, M.B.A. on November 06, 2002 at 18:10:49:
Hello Bruce, I am a ?newbe? but I might start with the tax office, they might have an idea of the attorney who is representing the estate (especially if it?s a small town deal). At least you would know who the owners are and take it from there. Moreover, this realtor should work a little bit more with you? Nick 908-451-3400
Re: Finding the Payoff !! - Posted by James Strange
Posted by James Strange on November 05, 2002 at 18:06:45:
What does the amount owed have to do with your offer?
If I wanted to sell a property worth 100k and I owed 200k are you willing to pay me 200k?
Re: Finding the Payoff !! - Posted by Bruce (Ohio)
Posted by Bruce (Ohio) on November 11, 2002 at 10:27:38:
Thanks for the info, I’ll be trying to put the deal together this week. If the tax office knows anything, I’ll definitely try that route too. If this thing happens I’ll officially be “in” the real estate business as this will be my first deal. Thanks again,
Bruce
Re: Finding the Payoff !! - Posted by Bruce (Ohio)
Posted by Bruce (Ohio) on November 06, 2002 at 10:12:24:
Great point made. My thinking was I’m going to make a very low offer 50% of the asking price which it is definitely worth, but if I knew the bank that owned it, I would go in with a different offer since the bank wants a non-performing asset off their books. My low-ball offer maybe more than the bank would accept. I’m new at this stuff, so talking through this definitely helps. Thanks,
Bruce
Re: Finding the Payoff !! - Posted by James Strange
Posted by James Strange on November 06, 2002 at 19:13:42:
You never can guess what a bank will do. I tried to buy an REO in an area that was so so. Not full scale a war zone more of an supply base.
Asking 33
Market ready market value 35k
Repairs needed 10 to 12K yeah it needed some work
I wanted it as a long term rental so I offered 18.5k.
They countered at 31k and would not come off of it. It is still on the market but they will not come down.
At the same time I have had banks come back three or four months latter and ask is your offer still good.
I do not want to discourage you in any way but if the house has not been on the market a long time 50% below asking may not even get presented. Quite often banks tell the broker do not present any offer less than X % of the asking price.
On the other had you as an investor can not afford to pay to much.