Is there a deal here? - Posted by adam

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Is there a deal here? - Posted by adam

Posted by adam on July 24, 2005 at 22:01:21:

hey guys i got a call today from a lady whos house is in forclosure. home was appraised at $84k. she owes $66k. she owes the bank $4k. her monthly payments are $686 inc tax/ins. is there any deal here? i was thinking a note sale for balance owed and then try to flip retail? any thoughts appreciated

Re: Is there a deal here? - Posted by Will

Posted by Will on July 25, 2005 at 14:17:31:

I tend to take the opposite side of many on this board in this situation. Whenever I see a post asking “is there any deal here?” I tend to try to find a way for there to be a deal.

Many of the experienced folks on the board generate a lot more leads than you or I generate, so they qualify deals in a more stringent fashion. Personally, I feel like if a new investor can get ANY kind of a deal, it’s worth doing.

Typically, it seems to me that inaction while waiting for the PERFECT deal is what ends up killing a lot of peoples’ motivation and REI futures.

BUT, in THIS case, I don’t see much of a deal, either!

You say it’s appraised for $84K. But what will it actually SELL for? Are you prepared to have somebody lowball YOU an offer? What if it actually sells for $80K? How are you going to sell it? If you sell it through an agent for $80K and they take 7%, you walk away with $74,400–BEST case. You’ll have some costs that come out of that. If she owes $70,000 on the place, the best you do is $4,400 minus other assorted costs.

To me, there is a pretty hefty risk premium in the unknown of buying a property. What you don’t know MIGHT hurt you. You could literally lose money on this deal if you’re not careful.

Re: Is there a deal here? - Posted by Ronnie (Tx)

Posted by Ronnie (Tx) on July 25, 2005 at 11:42:07:

Your spread is 17% if she wants nothing. Any repairs eat into that. No flip potential. An investor is not going to touch it because you will need a profit and so will he. There is hardly enough profit for you let alone him too. And I promise the house isn’t ready to sell, plus factor in holding time. No there is no deal here unless you can negotiate a short sale with the bank. But I would skip it.


Re: Is there a deal here? - Posted by Shazad S. Sharif

Posted by Shazad S. Sharif on July 24, 2005 at 22:32:13:

You are looking at a spread of approx 20%, unless the area is developing or the Govt has an upgrade venture for the area I wouldn’t put my money in that deal. For a quick flip even those situation will not help.
Check the source of the appraisal if you can. If it’s a low-ball, and you can work with a spread of minimum and I mean minimum of 25% as long as you don’t have to spend a dime in any repairs.

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