What are you attempting to do? Once owners file bankruptcy, it will be extremely difficult for you to make a deal. If they file, it will be out of their hands, as far as having control of the properties.
Thanks for the reply. This young lady called me on Sunday night 01/28/05 with regard to properties that were to be forclosed on yesterday 02/01/05. One property is a 18 acre ranch and the other is a home. The FMV on the ranch upon purchase was 300K 3 YEARS AGO, with a remaining balance left on the mortage for approximately 250K. I have ordered an appraisal, though currently the value of the ranch is unknown. There has been lots of development in the area within the last year, and this will be the determining factor as to how much the land will appraise for.
The second property has a FMV of around 289K and 220K remaining on the mortgage. Because of the equity in the homes, I wanted to atleast have a chance to evaluate the oppurtunity. I drew up the schedules for the young lady to take to the court to petition the court for BK. She petitioned the court on Monday and we filed a motion to dismiss the bankruptcy on today. Now that we have a little more time, its time for an exit strategy.
Both property’s are about 10 grand in rears each. I am going to submit a short sale on the stand alone home
This is just not a simple yes or know - what are the details.
How do you plan to acquire the property - How do you plan to bring current?
Is their enough equity?
Why do you want them to file bankruptcy?
To name a few.
[addsig]
Shephia,
What are you attempting to do? Once owners file bankruptcy, it will be extremely difficult for you to make a deal. If they file, it will be out of their hands, as far as having control of the properties.
Hi Guys,
Thanks for the reply. This young lady called me on Sunday night 01/28/05 with regard to properties that were to be forclosed on yesterday 02/01/05. One property is a 18 acre ranch and the other is a home. The FMV on the ranch upon purchase was 300K 3 YEARS AGO, with a remaining balance left on the mortage for approximately 250K. I have ordered an appraisal, though currently the value of the ranch is unknown. There has been lots of development in the area within the last year, and this will be the determining factor as to how much the land will appraise for.
The second property has a FMV of around 289K and 220K remaining on the mortgage. Because of the equity in the homes, I wanted to atleast have a chance to evaluate the oppurtunity. I drew up the schedules for the young lady to take to the court to petition the court for BK. She petitioned the court on Monday and we filed a motion to dismiss the bankruptcy on today. Now that we have a little more time, its time for an exit strategy.
Both property’s are about 10 grand in rears each. I am going to submit a short sale on the stand alone home
[ Edited by JohnMichael on Date 02/03/2005 ]