Found A "motivated Seller" Need Advice On The Next Step
I live on Staten Island New york. After about 2 months of sending letters , knocking on doors, and calling homeowners in foreclosure i have finally found a motivated seller who wants out of her sittuation and wants to do business with me. She owes about $15,000 in back payments, She has no way of getting the money.Her lis pendens is dated April 27 . I have explained the entire proccess to her in full detail and have offered her a better solution than letting her house get sold at public auction. At this point she simply wants out and is willing to sign any contracts I need her to in order to emerge from her sittuation without blemished credit and deficiency judgements and the possibilty of starting over with cash in hand. So my question is do I contact my attorney first to draw up the Docs or run the title search and if so what kind of title search will be accurate as to the status of the title and gaurantee me a clean title free of clouds? The Fmv of the house is $395,000 . Do I need the LOA for the mortgage company to talk to me regaurding her sittuation and how do I go about getting them to release info? I am looking to pay her arears of $15,000 give her a descent compensation package for her equity and flip the property for a quick but meaningful profit. I would appreciate any input and guidance as I have read over 6 books to date I would greatly appreciate real life information from people who have acttually done a deal or have done a simmillar deal! thank you for your input as it is always valued! A quick word to the people on TCI , I almost threw in the towel a few weeks ago! I wasnt getting any responses from mailings , or phone and I was ready to quit! But today I picked up the phone with a do or die attitude and finally found a Motivated Seller, after meeting with her I realized that they are out there and this is a numbers game! so keep knocking , sending , and dialing because you never know who you will contact next! You might just get your first deal under contract! Every no brings you that much closer to a yes!
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Why not bring the loan current and take the property Sub-To? You can pay the 15K in arrears and make whatever deal you need to with the owner.
You got it! S2 way to go. Why deal with the mortgage company if you don't have to. That's opening up a can of worms. Negotiate a contract with the homeowner to take the property s2 existing financing or a PAC Trust (to negate the DOS clause), contingent upon title search and appraisal, make up the back payments, sell the home and give her some going away money as you see fit. Win/Win
how much is her mortgage balance?