Desparate Seller - No Equity
How can this deal work? I have a Seller who is going to sale on the 13th of this month. So time is of the essence.
She owes $450k on a loan made back in Sep/Oct last year. 1st pymt of $4k was due Jan 2002. She's (7) months behind and the property is valued @ $500k. I am looking for a partner/investor. Let me know.
Valerie 
Val,
Glad to meet you.
Let me get this deal straight. You would have to come up with $28K plus late fees in back payments, which now comes to about $30K plus the $450K, so now you would be in the property $480K, on a house you may get $500K for.
Maybe you are saying someone should pay off the mortgage, in which case the numbers are still not within a good leverage range against the LTV.
Here is a better proposition for you, in Subject 2 deals I get a return of about $20.00 for every $1.00 dollar I put in minimum, usually a lot more.
So in real estate investing look at the return for every dollar you spend how much to you want in retrun?
Keep on posting, this creative real estate thing really get's mind boggaling doesn't it? The answers are here on this board.
$Cash$
Call the bank and tell them to discount the mortgage, remember if you don't ask you won't get...
Cash is right that deal was too skinny. If you are looking at foreclosures, be sure to get the list several months before they got to auction. Only having a few days doesn't give you much room to negotiate with the banks if you have to.
Typically notices areposted 90 days before the sale.That's the ones you should be looking at.
This particular seller should have contacted you sooner. But nobody knows why these people don't want help. They usually just walk away and let the property go to auction. Bad for them Great for us!
Good luck!!