How Would YOU Handle This…? - Posted by Richard
Posted by Richard on July 25, 2001 at 16:33:50:
I follow public records daily and mail letters to people within the area who have Lis Pendons filed on record by their lender(s).
Found a lady whose husband past away last year and she is unable to make payments and fell behind, so Lis Pendons was filed.
I mailed her my letter and she called me up.
She has been trying to sell this property for the last 6 months listing through a realtor to no avail.
Original list price was $124,500.
Then lowered it to $108,000.
Comps in the area are in the $100,000 to $104,000 range.
She says she had some offers that she turned down (one was in the $90,000’s and another involved a lease option) and now she regrets doing so because her contract with the realtor expired recently and because she is faced with the arrears.
Original loan amount was $84,000 back in 2/2000.
She says she now owes approximately $87,000.
She says her monthly payments are somewhere
around $675.
She stated that somewhere around $5500 to $6k
will catch her up on the loan.
She is unsure whether or not the loan is
assumeable.
Since comps are somewhere in the low $100’s, do you think this is worth investigating further?
I only know what she has told me (concerning the amount due & principal remaining).
I set an appointment to go visit her & during the visit, I plan to view her mortgage documents, letters, etc.
She states that she wants out of the deal and is willing to accept what she owes as the sale price.
She has not renewed her contract with the realtor yet.
My situation:
-have not closed my first deal on investment property.
-have no extra money.
-have high debt-to-income ratio.
-have almost no equity in my current home.
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If this is worth pursuing (which I think it might be), which techniques do you recommend using to purchase the property?
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Will you please include the #s you would use to buy and resale the property?
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Her husband was handicapped, so the home has been modified to accomadate handicapped people. Will this be a big concern in preparing the property for its new ownwers?
Anxiously awaiting your responses,
Richard