Need Pre-foreclosure Help.....running Out Of Ideas
I have an owner in foreclosure wanting to sell their home.
Owe: 240k
Comps: all over (180K and above)
Repairs: 7k
The deal initially caught my attention because the comps were high for homes of similar size. This particular home had comps between 290k and 320k (or so I thought).
I had the home appraised because I wanted to ensure my numbers were accurate considering the comps had such a wide spread even in the high-end.
My goal for the property was to pass it on to another buyer or investor while trying to short sell and generate more profit out of the home.
Well...I can't get the lender to return a phone call. The attorney handling the case are dragging their feet and I have a lousy appraisal dashing hopes of quick turning the deal (maybe???).
Now, I'm aware appraisal numbers can vary by each appraiser. But this appraisal came back on the low end of the comps, which I still don't understand because this house is larger and sits on more land than the others.
With my first 2 options more than likely dead, it seems like the only alternatives are to try (and I mean really try) to get the bank to short sell. Or walk away from the deal.
By the way, the home will be auctioned in a few weeks and the owner is looking for a way out without filing bankruptcy.
I'm running out of ideas. If anyone can shed some more light on this situation for me or suggest some other alternatives I would greatly appreciate it.
Ron
Who is the lender?
What you need to do is call up their number is just let the phone ring. Someone will pick up because they always have the "rotary dial" option. When they pick up, tell them you have been trying for days to get in contact with a live human being at their company that deals with foreclosures or Loss Mitigation. When they find a number, ask for an extension or direct number. If you get no answer at that number, leave an urgent message stating "I have been trying for days to get in touch with someone about my loan# (and give them every number except for one) I am trying to pay off this loan but no one seems to want my money, please contact me immediately at ###-####"
You should get some sort of response
Regarding the auction in a couple days, I know there is a way to stop it but I really don't even know how to explain it.
But I will look for you.
Best,
Solutions Kid
[addsig]
Chase is the lender.
Ron
How much do they owe? I mean, how much are they in arrears?
Maybe you can buy Subject to (first) and then pay the amount in arrears to bring them current, and have the people move out as fast as possible, then sell the house.
This could mean a lesser amount to invest than short selling.
Ladybug