How can I solve this problem? - Posted by Kevin(OK)

Posted by Bud Branstetter on November 22, 1998 at 10:01:22:

First I would get a contract or option from the property owner. Next I would talk to the mortgage holder to see what it is that he wants. Does he wants all cash? Will he discount? Will he take a certain amount of cash now and re-write the note? You could probably sell a second note to wipe out the existing second if there is a real appraisal for $150k. Until you review that appraisal you don’t know why your comps show different. Until you talk to the mortgage holder you won’t know how to structure an offer. Why is the foreclosure timeframe in OK?

How can I solve this problem? - Posted by Kevin(OK)

Posted by Kevin(OK) on November 21, 1998 at 08:25:22:

A guy calls me the other day. He has a house for sale with a $75K NQ Mort. and a seller carried second mort. with a balance of $40K @12%. The house comps at $124K, he says it just appraised for $150K? The second had a 24 month balloon which came due in April '98, the buyer kept making payments to the seller, but the seller just filed foreclosure against the buyer. I do not have the cash to buy the second at a discount, how can I make a deal here? Any advice is appreciated.