First Telephone Call! Need some advice
I got my first telephone call today. I wasn't really expecting it, but it turns out somebody got my post card (i've sent out about 30-40). I was speaking to the daughter, because the parents don't speak english too well. But from what she told me her mother can't afford the payments anymore and she's 3-4 months behind. They are working with a RE agent, but they don't seem to be doing a very good job. I made an appointment with them for 2pm tomorrow to meet and talk. The counties online service is down right now, so I have no idea what I'm dealing with, but I plan on stoping by the clerk recorders office in the morning to get as much information as possible. Any idea what I should try and work out with them if there is enough equity left in the house? Any advice is greatly appreciated!
Thats great!! Persistence pays!!
What I would do is offer them "uhaul" money and help them find an apartment/small house w/ possibly 3 months rent.
I haven't gotten any numbers on the loan yet, but the price that comparible homes are selling for in the area is about 3X the amount they bought it for. If there is substantial equity in the house, is there any other way to work it out? I don't think they would go for it if I offered them uhual money and there was say $80,000 equity in the house. Any suggestions?
Ask them, "What would you like to seem happen?" or "What do you need?"
I spoke to a very motivated seller this afternoon who is in foreclosure. She said she received 50+ letters/postcards from investors, realtors, etc. She just happen to pick mine in the stack to see what I could do for her. The more silence there is, the more the seller feels they have to say to fill the "gaps."
So I let her tell me everything she needed to get off her chest. Turns out, she owes approximately $67K and the home is worth $85-90K. She thought her home was in terrible condition and knew it needed repairs. When I went to inspect it, all it needed were cosmetic repairs...probably $5K max. I asked her what she thinks her home is worth and she thought it was worth $70K, which I'm not complaining. She said she would be very happy to walk away with $2K.
By letting her speak without me saying anything, she pretty much told me all I needed to know. Point of the story, you should let the homeowner tell you what they NEED not want. If there is $80K in equity and they need $10K, then why not give them the $10K. You will still make a good profit. You shouldn't get too greedy in this business!
Tanya[ Edited by tanya1215 on Date 05/05/2003 ]
Tanya,
Whats the best way to go about doing this? The lady you gave 2,000 to, did you then assume the loan? I've been told that loans are not assumable, so how did you take over? Thanks!