is it too late-what do i do? - Posted by paula

Posted by Heidi W on December 15, 2001 at 19:44:01:

Oh Paula, oh Paula,

You sound just like me. I remember in my early days of doing this, I drove around a neighborhood and found some Ugly Vacant houses. I got a little excited too. But unlike you - I never did anything about it. Hell - I’d be hard pressed to put my hands on the addresses with less than an hour’s search time. But so what. I didn’t want to do those kinds of deals yet anyways.

But back to your question.

I can see why you are excited. Sounds potentially excellent to me. For starters’, definately try and find out who the owner is.

I think I found out at least some basic information on my property by going to my County’s Wesbite. I heard about that from my Local Real Estate Investors Club. Their website had a link. SDCIA.COM

I think I’ll start a website with awesome CRE related links.

Yep - definately.

Anyhow, If you can get a hold of them (the owner) - you can very nicely tell them that you understand about their house situation, and what you do for a business is help people in situations find their way out of some of their troubles - IF POSSIBLE - and that if they are interested you’d like to see if there was anything you could do. Then get the basic information: Mortgage Loan value? After Repaired Value of the House (their estimate / compare with your own comps), Other Liens Against the Property, Sqr Feet and Bed/Baths.

Basically, listen and find out what their situation is. But - If they are jerks, don’t Beg-em, the H with them. Find out who the bank is and buy it after it’s a REO. Or just walk away.

If they are cool and want to listen - then it’s your turn to start listening. Tell them, “Explain your situation, not how you got here - but what you are having to contend with today and what you need to move along into your future with the least amount of pain possible.”

Attitude is King: You are not in need of this deal to go through - this is their only chance for a solution - they need you - you can find another one. But at the sime time, you need to find out what their situation is and then you need to tell them you “might” be able to help, but no promises - of course. “You understand”

At each significan step - post all of your info on this site (except address and clients name - etc) and the friendly people (like me) will give you’re their tips. That’s what some of us are here for.Even me - and I’m just a beginner - but the light bulbs are starting to go on, and I may know something that you don’t.

On the other hand - it’s fee advice and you get what you pay for.

Also - in the meantime - I’d recommend using the internet both for the owner name search and for the comps. Check this site for comps techniques, look in how-to articles as well. Bug these folks for specifics on any question. This sounds like a secret no competition potential opportunity to me - and you should strap on some booster rockets and go for it. At least go as far as formulating ‘the offer - or offers’ in your mind. Keep stalling the customer - their in no position to get picky - just keep saying that you’re looking into this to see if ou can come up with something that will work for them as well as yourself - because you have to make a profit, plan and simple and you hope they can understand that.

Don’t make any promises. Don’t promise to make up their back payments - Don’t promise anything until you’re ready to make the offer. We’ll all give you tips and you pick and choose and make it the paula-florida first deal. It may not go perfect - but you won’t lose your shirt either.

Just calm down and provide us with all the information you can - so we don’t have to do any of the work for you. We will just give advice.

Gaaadd - Forgive me for sounding so B…ing condescending - I’m treating you like a new-bee. I Know you’ve been reading this site for a while - but perhaps others will pick up something from what I say.

I feel like posting about a friend of mine who is ready to dive in (just to do it) but hasn’t thought it completely through yet.

Analysis through paralys is one thing - but not having a step by step, beginning to exit strategy (aka end)is another - and I’m just trying to warn you or anyone else to take a step back and have at least a good chance of success before putting any substantial money at risk.

Sorry to take so long - must be the wine.

Your in Girlfriend-Hood

Heidi
aka HouseGoddess

is it too late-what do i do? - Posted by paula

Posted by paula on December 15, 2001 at 17:35:40:

I read about real estate all the time from this site. I have been learning lots so that when the time is right, i’d take the big steps. I have just arrived home from work and rushed to get on this site. hmmm, i don’t know if i even took my keys out of the car!
I took a different way home tonight, and drove passed a house that is mess. So i turned around and pulled into the drive way. The one story house has no windows or doors. There is lots of trash inside, appears the dry wall is missing in parts of the house. Not in that bad of shape. I found a notice posted. It was from the county commission stating that there would be a chapter 11 hearing on dec 19th!!! that is really soon. So help! what do i do next? Where do i go? Do i try to find the owner before the 19th? so many questions…
I thought that at least one kind sole out there would be able to advise me.

thank you so very much
paula-florida

Re: is it too late-what do i do? - Posted by Jim-OH

Posted by Jim-OH on December 20, 2001 at 11:29:10:

Paula,

I realize that this post is after the Dec. 19 date you mentioned, but for future situations (and possibly still for this one), here are a couple of ways you can get some of the initial information you are looking for through the internet.

  1. Go to http://www.whitepages.com/. There you can look up the owner’s name and phone number (provided it’s not unlisted) by entering the address. Or, if the property is an FSBO, with a phone number on a yard sign, you can enter the phone number listed and find out if it belongs to the property in question (reveals whether the owner is an absentee owner, possibly has moved into another house, paying two mortgages, etc.)

  2. Go to http://www.domania.com. If the property has been sold within the past five years or so, it will tell you the date of the sale, the purchase price, # of bedrooms, baths, etc.

  3. If you live in a major metro area, your county may have a website with links to the county recorders office, tax collector, or some similar link which may give you much more info such as sq. feet, type of heat/AC units, whether there is a deck, patio, garage, year the house was built, etc., etc., etc. (I live near Cleveland, and I just discovered my county’s site last night — the info I was able to get was mind-boggling.)

Anyway, as I said, this may not help you for this deal, but it might be something to keep in mind for the future.

Best of luck,

Jim

Re: is it too late-what do i do? - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on December 16, 2001 at 01:54:49:

Paula–(FL)--------------

Probably the county is getting ready to demolish the building.

There have been many posts about how to find the owners of properties on this forum. Do a search on the archive, you will be rewarded.

To prevent a demolition, the property owners ususally have to take out a building perment to fix up the property to good condition. If you can find the owner right away and make a deal to get the dead, you might be able to get the hearing postponed until you can close, get a building permit, and so on.

You could call the county commissioner’s office to find out more details of the situation.

Good InvestingRon Starr******