Offer on a pre-foreclosure help needed - Posted by Steve

Posted by john on October 18, 2004 at 21:19:14:

you need to get a better comp. high 200’s to mid 300’s is too large a spread.
If 50k repairs, verify the numbers
get Authorization to relase information signed and contact lender for balance and reinstatement amount.
as is now 225+50=275K if comps are 290K where is the deal?
I use FMV X 70%- repairs = orrer price
290 X 70%= 203-50= 153K would be My max offering price if your numbers worked out.
Just my .02

Offer on a pre-foreclosure help needed - Posted by Steve

Posted by Steve on October 18, 2004 at 17:27:04:

I am looking at a house for sale that has been on the market for close to a year via a agency that lowered the commission to 4%, so it has not been showing much. They have come down to 225K for a 4 bedroom / 4 car garage brick Ranch with 2+ acres in a very nice neighborhood where I would like to live. Houses in the neighborhood are in the high 200K to mid 300K range. The house needs work including a tap on to the sewage line, new kitchen, windows, etc. The owners are old and are about to go into foreclosure and I believe the mortgage company is Countrywide.

I want to make them an offer just over their debt on the house assuming it is reasonable including repairs of about 50K+. I would also offer additional money to get them out and started some where else as good faith.

How and where do I find out what the lean balances are on the house? I assume it is better to get the house before it goes into foreclosure.

What is the best way to contact the people? With a call, visit or letter?