Posted by Dick Chelten on January 08, 2003 at 11:09:23:
Annette: I’m in your back yard, Beverly Hills, MI, and I’m familiar with the area. Would enjoy chatting with you sometime. Meanwhile, Michael says it succinctly…pass. Too many other deals available. Plus, if this is to be your first deal, you may want to read today’s postings by Michaela and Jimbo (Newbies and Pre-foreclsoures)regarding this issue. It’s a competitve arena, and one which favors the most seasoned investors.
That being said, I’m in the midst of one right now (this one is past the sheriff sale, but in the redemption period), awaiting word from the lender(who we presume was the successful bidder at auction)to see if we could negotiate for what is owed them less stated repairs. And, I’m only doing this because I have a tenant/buyer with 5% NROC in hand wanting this place. If I don’t get everything I need out of this deal from the Bank, I’m outta there. We’ll find our tenant/buyer another home. Anyway, that’s my story.
Hello,
I am new to this forum, but have been involved in real estate in one form or another for some time. I am looking at a preforeclosure in Fraser, MI as my first investment property. The comps are 159k, the house is in pristine condition, in a desirable area, and everything has been recently updated. The sellers are several months behind in payments (last payment made was June 2002), but due to a bankruptcy (was dismissed) the lender was not able to initiate foreclosure proceedings. They are 12k behind, with an original mortgage balance of $141k, bringing the total owed to $153k. The only reason I’m even considering this property, is that I have developed a substantial buyers list for properties in this area. The only way I can see this deal working, is if I could negotiate a short sale with their lender (ABN Amro Mortgage Group) for say, 130k, then doing a double close. The only problem, LOL, is that I have no experience in negotating short sales. Will the lender want to see proof of funds for the short sale? Any advice you can give me on making this deal work?
All of your help is much appreciated. This forum is great!
If you REALLY want to try this deal - Posted by Barbara_NY
Posted by Barbara_NY on January 08, 2003 at 15:15:42:
If you really want to take a stab at this deal, contact your attorney (or speak with one) and see if they’d be willing to negotiate the deal for you. If the price is right, do it. If it isn’t, don’t.
At least that would free you up to check out other deals and have an expert on your side.