Posted by Bruce Barilar on October 20, 2002 at 15:25:07:
Scott, tell us more. For instance how many payments are they behind? The lender in first position will not negotiate with that much equity. Second position may be willing to talk.
Is the seller out of the house? How much in repairs does the house need? Do you belong to a local investor group? Do you know people in your area that rehab houses? Do you have access to private money, not hard money, just private money with low fees, but maybe 12-14% interest or possible equity partner? Have you had the title checked for any other liens, when you are buying preforclosure RE, it is a must? Have you ever done this before?
Just some of my own thoughts,
Bruce
Need help in ideas to purchase a home that will be facing foreclosure at the end of the month. They will sell to me, but I have little to no cash to put into it. The story is the home appraised for 160k. The first note is 83k and the second is 25k. Both facing foreclosure. What is the quickest, and safest way to take over without a true lender purchase, since even with 70% financing through hard lender is approx. is 112,000. Please let me know if you would contact the lenders and try to work out a deal (and what kind) to take over both loans and flip within 30-45 days for profit…thanks to all.