$CASH$ re print as you requested
Don't know where everybody went that told us to get out there and get deals and we could get coached thru---they are probably out making $$$$--which is a good thing too. If I don't land this due to my inexperience--oh well---teacher TIME will take me where I need to be.
Hi all,
Well I've been studying in my few seconds a day about short sales, sub2s and starting to study forclosures and one gets dropped in my lap!!!
Here's the deal:
**Jan 30th it's going to the auction;
**listed with an agent that loves to SNATCH these for himself---he will manage to buy this for what is owed if I can't get the deal done;
**Spanish speaking couple--my spanish is limited so I am looking for an interpreter here;
**Property bot in May 2000 for 191k with 1% down--lns= 1st 189,438 fha & 2nd 9550---20k behing in payments since Sept of 02;
**ARV 275-290k (low-ave prices).
**house is a mess--needs 15-20k fixins;
Bill Twyford, mentioned partnering on the deal--chpt 13 filing to hold off the foreclosure--and letting them stay in the prop for 30-60 days. I can't reach you today so I'm just winging it.
Can I just give them half of what they've put into the prop which would be $20k and let them stay for 30 days or so? They aren't in denial about the bank taking their house but they still hope to sell it for a near normal price (thanks to the friendly snake oil agent).
I guess you have to grow some pretty thick skin to do these deals---where's that bottle of skin-so-thick???
ANY input is much appreciated--going to go visit with them tonite with my poco espanol and my new interpreter.
Thank you for any input you can give. At this point I would love to have them file chpt 13 so I can have some time to put this together---I still need to get the deed 1st---right?
sigh.
Thanks,
Mel
Mel,
Let's take a shot at this one.
The only way I see to stop the auction at this time is either to have a pocket full of cash or they file a Chapter 13, which I do not think in this case will solve the problem.
However, as I see it the BK Trustee with that kind of equity is probably not going to let anyone just get the deed. If they have other creditors they are going to want a piece of the equity action.
You do not have enough time to get a loan on the property, I have seen loans done in 7 days, but if I understand it this may not be an option for you.
Then you have a Realtor in the equation that wants his piece of the action, he is not likely to leave the deal so there is another $12K-$15K in commissions involved.
When I add up the numbers you will be around $260K in the deal, figuring the back payments, re-hab, Attorney fees and commission.
Do you see it as I do, maybe someone else has an idea on this one, even a short sale is highly unlikely since the bank knows what this property is worth. When it goes to auction the 2nd and the Realtor dissapear, good for the bank.
It looks like a whole lot of effort for a maybe something is left over.
Just the way I see things.
John $Cash$ Locke
Hi John,
Can I call you for some quick answers? I am meeting with the people on the forc tonite---would so love to make some money on this deal-the people will basicly do about anything I tell them to. I thot I'd do the chpt 13---forms from nolo.com.
Cancel realtor???
Help!
Mel
$CASH$
Be patient w/me here as I don't know about these things---if they give me the deed (in exchange for some moving $$$) before the bk then it wouldn't be up to the bk trustee to decide if I got the equity? We're running a title search right now.
Geez I thot I had read of people getting these deals in the midnite hour.
Any help would be appreciated.
Thanks sooo much.
Mel
Mel,
Yes, you can call me. If you need my phone number just post your e-mail address and I will send you my number.
Or you can leave a private message with your number here and I will call you.
John $Cash$ Locke
Hi John,
just ried to send a private msg but when I send it says sorry no html tags---what does that mean? Anyways I'll just post here:
Hi John,
Thank you for responding. I am having sooo many probs with my computer---keeps rebooting---can't get much done in emails. I tried to send you some private msgs over the past 24 hrs but I keep getting an error here at CI---error 15 I think. Don't know if it's me or the site.
Anyway I'll use my dime if you'll email me at melre4u@yahoo.com.
Thank you again...and again,
Mel
Met with the pre-forc people tonite---looks like there is going to be a deal---I JUST DON"T KNOW WHAT THE &^$#@ I'm doing in this arena---frustrating. At least, I'm doing---good for a recovering perfectionist.
Mel
P.S. When I get my next deal I want to buy all your materials---I like how you deal with all of us newbies