Really Nervous..need Help Fast

Comments(15)

• 
  joefm2613th July, 2004

  Well...exactly what do you need to know?

• 
  johnbriscoe13th July, 2004

  You have nothing to be nervous about. You are there to help him. All it involves is can you make the numbers work to help him and make a profit.
  
  Good Luck and I bet he is much more nervous than you. He has a foreclosure hanging over his head.

• 
  kellyntx13th July, 2004

  Thanks a lot...he said he wants out, he is already out of the house so I probably won't have to give him much money since he just wants to get out from under it. He seemed like he really needed some help so I will see how things look tomorrow and see how the numbers look and all. I am gonna study my book and notes a little tonight.

• 
  kellyntx13th July, 2004

  Quote:
  On 2004-07-13 15:16, joefm26 wrote:
  Well...exactly what do you need to know?
  
  
  He said he did owe $102,000 but now it is more like $110,000. His payments are about $1018 a month. Does that mean he is $8000 behind? If that is the case then I would have to get the payments caught up correct?

• 
  who_me13th July, 2004

  Do you have any basic numbers on the house yet? ie..Bd/bth, guess at FMV, address? are the Taxes paid?
  
  Try to get some info from the recorders office and have a jump on it, see what liens are there and what not.
  
  Try to get as much info as possible and you will do great.

• 
  kellyntx13th July, 2004

  You know I was so nervous and didnt' expect a call and didn't have my book to go by that I forgot a lot of information. I feel really bad I did that. I did ask him if there were any leins and he said no. I am gonna loook the house up in a bit to see the value and such of it.

• 
  who_me13th July, 2004

  Believe me, I know. I'm working on my first and forgot a all kinds of information. But I KNOW I won't next time.
  
  Good luck........

• 
  bgrossnickle13th July, 2004

  Just think of your first meeting as a fact finding mission. You do not have to come up with the "solution" on the spot. Get the information, build some trust, and then tell him you will get back to him within the next two days.
  
  1) what is the current fair market value (FMV), the as-is value. did the owner have an appraisal? what was the amount an how long ago.
  
  2) how much is needed in repair. ask about the A/C, heat, roof, electric, plumbing, etc
  
  3) What is the after repair value (ARP). You can get this by resently sold houses in the area.
  
  4) how many liens on the property
  
  5) what is owed on each lien: principle balance, and then the total balance (fines, lawyer fees, interest, principle, etc)
  
  6) what is the monthly payment on each lien and how does that payment break down: principle, interest, taxes, insurance, etc
  
  7) what is the interest rate on each lien
  
  7a) Is he behind on any lien payments? Has he been served any notice of default (foreclosure) papers?
  
  8) what is the name of each lien holder, what is the loan number and contact information for each lien holder
  
  8a) Who is on title? I assume it is him and his wife. Are they getting along and will his wife be there when you meet him.
  
  9) get a release of information signed from the owner
  
  10) promise him nothing. say that you will take this information, call each lien holder and get back with him in a couple of days. then post what you found on this board and get some direction.
  
  Anything else?

• 
  kellyntx13th July, 2004

  Ummmm not sure yet. I am looking at the appraisal district right now to see what the appraisal is. Now, the appraisal is different from the fair market value right?

• 
  antkojm114th July, 2004

  Now, those numbers don't look quite right... I've never seen an appraised value and assessed value be the same, much less the fmv be the same too...
  
  If he's owned it since 2000 and owes 102 now, I'd say its worth a bit more than 109, unless he's refinanced...

• 
  feltman14th July, 2004

  based on yrou numbers, this is a short sale candidate at best. You will need to see if there are any liens on the property (call the county clerk in the morning and they should be able to do a quick search fro you.) Also make sure you know when he made his last payment and you will have an idea of how much he owes in back payments. (are his taxes included in escrow with his P&I??)
  
  If you can cover the back payments and you are buying the house fro a MINIMUM of 10% discount on the FMV, then you might want to pursue this one. If not, you should plan on passing on this deal and finding a deal where you can make enough money to cover the risk you are taking.

• 
  cjmazur14th July, 2004

  is a divorce, is his wife on title or due toment due to decree.
  
  who is "John Doe", that would concern me.
  
  see who the previous owner(s) are.
  
  numbers seem way tight.

• 
  rickomarsh14th July, 2004

  cjmazur has a good point, if the wife is on the deed or has stayed one night in the house as husband and wife, she will have homestead status rights and you will need her signature as well. This is the way it would work in Florida so take a heads up. Also here in Florida the tax assessor will mark the value the same across the board from time to time and on a deal like the one you have further inspection may show the value to be much higher or lower those numbers mean nothing to you about the value of that house.
  

• 
  kellyntx14th July, 2004

  Yeah that is what I thought too. I am gonna pass on this one.

• 
  Lufos14th July, 2004

  Is the wife amenable to sign a Quit Claim Deed in front of a Notary? Watch your title.
  
  Cheers Lucius