Newcomer...
Hi,
I am very new to the real estate business. The area that I am currently concentrating is locating properties and selling them at wholesale/flipping to investors.
Unfortunately, I do have a personal scenario...I have property that has been foreclosed against and is now held by the mortgage company. We have filed Ch. 13 several times in hopes to save the property and get back to financial stability. Between my husband and I we have suffered illnesses, car accidents, job losses, closing of our business after three years...So, as you can see we have been through it...But the blessing of it all is that we are still together and still holding on to our faith that we will get beyond this...I know we will because God just continues to pull us through even when we do not see a way out.
But moving along...the property is now in REO...we have tried to offer a short sale with the mortgage company before the house was sold at the court house steps and we never heard from the mortgage company. My husband informed them that he had an investor lined up to purchase the property.
The property is a prime location with other properties selling from $350,000 to $1,000,000 +.
The home is need of repair of about $60,000.
The property was bought back by the mortgage company for $180,000k.
The property was appraised a few years back at $225,000. Comps now are $325,000.
Is there a possibility where I could find an investor where I can flip the property to and still be able to walk away with some type of profit. At this point, our credit is shot with the foreclosure against us and all. We are still occupying the property awaiting a few deals of my husband to close so that we can move to Nevada and start a new life there.
Me being a newcomer to the industry I thought since we are in this delimna with our own home that this would be my first deal per se.
Could someone please offer me some advice as to what I could possible do? Thank you!
<IMG SRC="images/forum/smilies/icon_cry.gif"> in GA[ Edited by JBradley on Date 11/11/2003 ]
ummmmmmm....it sounds to me like bird dogging is more like what you're trying to do there. you might try listing the lead in the TCI Realty section.
ok...and what about the mortgage company?...At what point do I contact them? Please forgive me, once again I'm clueless and I'm very very new to the industry...but willing to learn!!! Thank you for help and advice.
I wish I would have known about this site a few months ago...I'm really learning a lot just from reading the responses from the forums and other articles provided. I could have saved my credit and would have made something from the property...But, oh well...you live and learn...And from this experience I can truly speak to others from both end of the spectrum....This mishap has just given me the motivation to forge ahead with my dreams and to become one of the successful ones in REI...
also...about bird dogging...Is this similar to assigning? Am I correct in saying they both receive a percentage? How are they different?
Are you still looking to sell your home?
Yes,
This is a great site, full of very useful information. Do you have any specific questions? Or are you looking for general information?