Posted by Hal Roark on June 28, 2003 at 16:54:30:
Amazing how experience produces wisdom, isn’t it? At least for those who persist and still remain in the game. Wishing you well,
Hal
Posted by Hal Roark on June 28, 2003 at 16:54:30:
Amazing how experience produces wisdom, isn’t it? At least for those who persist and still remain in the game. Wishing you well,
Hal
Need expert opinion if it is a deal i should take - Posted by Anton
Posted by Anton on June 27, 2003 at 23:43:04:
I will meet with the foreclosure seller on sunday who wants to deed me the property. but i am not sure if i should take it. i don’t think this is a good deal and i don’t want to tie the property since seller is still market this property through agent (seller does not need to pay commission if he sell it himself).
this is the detail: i met with him last week and the house is in good neighborhood but his house is a mess, smell bad (he has 5 dogs, 5 cats and 12 rodents) and the floor plan is weird.
i can do subject to but what is my way out?
can you find a way out? do you think we can short sale to the bank. but if the bank thinks the market value is 515K, do you think they want to do short sale?
again i don’t want to give hope to seller and tie this property if i can not do anything with it…
Try a short sale or note discount - Posted by Bill Cook
Posted by Bill Cook on June 28, 2003 at 05:53:55:
This deal can be done, and it may turn out to be a great deal.
Instead of buying “Subject To”, short sale the mortgage or buy the note. Ask for 30 to 40 cents on the dollar. If it is not a FHA or VA loan, there is a good chance the mortgage company will work with you.
When short selling or discounting the note the more problems a property has the likely you’ll be successful.
Example: We put a house undercontract in Cartersville, GA four weeks ago. It’s FMV (conservatively) is $290,000. It has serious termite damage, stucco (sp) damage, a septic tank problem, and needs a major rehab.
The mortgage is $235,000. We are short selling. We’ll find out Monday or Tuesday for sure, but looks like the purchase price will be $98,000.
So your deal can be done, just do it a different way. Create the equity because right now you don’t have any.
Bill Cook
Run, run away - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 28, 2003 at 24:40:01:
So you’re thinking about taking it subject-to?
Do you have the back payments and the $20k for repairs? How many of those $3800 monthly payments can you make out of your pocket while the place sits empty before it drives you into bankruptcy?
Not to mention that this is a property with a balance owed of $450k PLUS repairs…which comps at only $425k?
Are you nuts?
Brian (NY)
Re: is it a deal i should take… - Posted by david
Posted by david on June 28, 2003 at 24:21:27:
sounds like your gut has already told you what to do. You have only IBS to offer as to why you maybe-sorta-should-kinda get involved. There is always a way to salvage a deal , but ask yourself why you want this one so bad? It doesnt sound like you are excited about it, eh?
Peace,
David