How Far Behind??

Comments(11)

• 
  nebulousd3rd November, 2003

  it all depends on the bank. Banks hate properties, they are in the lending business and don't want houses. for higher priced homes, I have seen houses that have been in the arrears for over 2 years before the banks decided to act. banks will have a hard time selling a house thats in the upper prices. it depends on how fast the banks are and how good ther bookeeping is. usually 4 months of non payments and they start the procedures....thats the avg. around here.

• 
  Gonzo3rd November, 2003

  OK, so would it be better to pick a property that's one to two years in arrears or one that's been only months or no arrears.
  
  Gonzo

• 
  nebulousd3rd November, 2003

  that is totally up to you. how many payments do you want to make up?

• 
  nebulousd3rd November, 2003

  what do you plan to do with the property is another question. short sale, sub to, the list goes on and on about what it is you want to do with the property. decided what you want to do, i.e. have a plan and go after it.
  
  fail to plan, plan to fail.
  
  [addsig]

• 
  nebulousd3rd November, 2003

  your in Texas, you would end up doing a L/O as opposed to a sub to....so I'm told

• 
  BAMZ3rd November, 2003

  Hi Gonzo,
  
  They both may be good opportunities to pursue. The older ones may be good candidates for a short sale.
  
  Best of Success!
  
  BAMZ
  
  [addsig]

• 
  Gonzo3rd November, 2003

  I guess what I’m trying to say is, if I had a choice between three properties, first one is a year in arrears, second is three months in arrears and the third is up to date. Which would be less problems and better to pick???
  
  Gonzo

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  jackman3rd November, 2003

  in my experience with anything risk is usually directly proportional to profit. without any numbers to substantiate what you're saying ... the one with a full year of arrears would likely yield the higher profit but you'd need the most money to get it. the one that is current could be a quicker flip but for less moneda.
  
  why not get all 3?

• 
  Gonzo3rd November, 2003

  Thank you everyone for the great posts.
  
  Next question: Would it be OK to juggle more than one property at the same time?
  
  Gonzo

• 
  nebulousd3rd November, 2003

  juggle as many as you can handle

• 
  Gonzo3rd November, 2003

  Thanks that is what I wanted.
  
  This site is better than any course and as far as I'm concerned you people are the formost experts.
  
  Gonzo