NJ Newbie - Needs Help - LOST?
Hello,
My husband and I drove by a home that we would like to purchase to live in and there was a flyer out fron that they are going to sheriff's sale 9/15 - it gave the judgment sought amount...
We have NO idea how to go about doing this. Can we contact the bank directly to buy the home outright? Or do we wait to see if it will be available after the sheriff's sale? We are not in a situation where we can plunk down the whole amount in 30 days without selling our home and we have no idea how long that will take.
Any help would be appreciated!
Thanks,
Angie - SO VERY LOST
It would be futile to call the foreclosing lender at this point... they won't disclose any info to you without written authorization from the homeowner.
You should attend the Sale (call to make sure the sale hasn't been adjourned)
If the Plaintiff (lender) takes it back... hand an offer to purchase form to the bank's representative. Make sure that the property address is correct, and include the Sheriff's Sale docket number, and your telephone number.
You could contact the Owner... though you are probably not the first to try....
You can prepare yourself for the next opportunity by getting your home ready to sell.. spruce it up to get top dollar.
Thanks Shortsale.. now this is going to sound even more stupid.. what is an offer to purchase? Is that an agreement of sale or something different?
Angie,
In my state, a sherrifs sale is not because of a deliquent mortgage, but because of a court order. Your best bet is to call the number and find out who is doing the auction, and why
First of all, I would not eliminate any potential places to locate deals. One example is there were some duplexes listed that were way overpriced and got little calls. I called on them, convinced them through comps and what-not that they were overpriced and talked them down $100,000 from their listed price which turned out to be a great deal. Most people would not have bothered calling.
I have found great deals in the paper, from sending out postcards, flyers, MLS, driving around and talking to people, etc.
Until I am rejected by lenders I will continue to use mortgage brokers, I have not had to dip into hard money yet.
Good Luck
you have to keep " beating the bushes" i'm sure no one said it was easy either. you can't use one method you have to use them all. you may find one in a day or it may take 3 months, you have to love the "hunt".....i sometimes find a buy just driving around at "nite". don't get dishearted......get mad! ......mad that these other @!#$^*&"s are getting the deals and you're not! don't make excuses for yourself say " i'm finding a home TODAY!!!!' and keep saying it TILL YOU DO!!!!!! what it amounts to is the deals are there do you have the ability to find them. get the lead out of your a$$ go get them.......am i getting under your skin.......get the idea.........don't threaten me.......be a threat to the market.......you can do it......i know you can......."if god is for you who can be against you.......ggod luck........kenmax
Here in the Atlanta Georgia area it is so very saturated with people trying to do the same thing that it's almost imposible to get ahead. Maybe I should move to FL and try my luck there huh ray_higdon?!!! It seems like you are doing pretty good for yourself there.
I have been on the lookout for a partner or mentor here but I have found that most people here are very anal and don't want to help you. I learned all I have so far on my own.
My advertising campaign has only consisted of word of mouth and a web site so far. I want to say thanks arytkatz for the boost of confidence in knowing that advertising works for someone
:-D ,thats good news.
Kenmax, I know exactly what you mean and I do love the hunt. Only... it would be nice for someone to say what a good deal is. I think anything that produces a positive is a good deal, but others I talk to say that a good deal is: How much you can make after
1. paying the person who found the deal for you.
2. paying the person who financed it.
3. paying all closing, title, tax, etc...
And if you are left with a good amount then that is a good deal.
What do you guys think is a good deal? :-?
Hey bj2964,
You titled this thread "Tried it All!!!", but to be honest you haven't tried anything yet.
You have elminated a whole lot of sources (paper, other investors, etc), which I think is counter-productive. I use agents all the time and it works for me.
You said you have tried "word of mouth" and website, but unless you are sending out letter or placing signs or ads in the paper, what good will a website do you(except cost you money)?
What's a good deal? It varies for everyone. If you find a deal that will make $10k, you have found a deal you can sell to someone (or take yourself). If you sell it (birddog), you are not going to get rich; you will make a couple hundred bucks.
Fund deals first and then worry about everything else.
BJ, you're welcome to come hang out in southwest florida anytime (although I would wait for these hurricanes to pass
)
I only do cashflow right now and a good deal to me is something that will produce a minimum of $150 per unit and a couple other factors and calcs. Investors are typically too optimistic, be pessimistic and anything better will be a welcome surpise.
GL
I'm finding this thread very informative in ways you never intended BJ and I guess I have to agree with Bruce on this one.
If you think that Atlanta is saturated with would-be real estate investors think again. Ray lives in what is probably one of the hottest and most difficult real estate markets in the country, Naples Florida. Especially if you are trying to do deals that cash-flow now. That you are thinking of leaving GA to work there (I know that it was at least in part a joke) is like moving from Podunk to go compete with the Donald in Manhattan. Yet look how Ray did his deal, he found an over-priced property listed with a real estate broker (two strikes in many peoples minds) and though careful negotiation managed to get a deal done anyway.
So my guess is that you are expecting deals to land in your lap. You are going through the motions of hunting. But the hunt is not the deal. Closing is the deal.
As to what a good deal is you have to make this decision for yourself. And the lack of a clear understanding of what you are hunting for may be your biggest hurdle right now. Set out a bunch of critera for what constitutes a good deal in your world and get to work finding the property that meets those criteria.
Ok, I failed to mention that I've done letters, flyers and business cards as well as a web site and word of mouth. I've found people like Brokers, agents, other investors, and i have found many properties but I have not done one myself, for myself you know?
As far as advice goes, I have only run into people who have told me that I have to do something else in addition to all the things I have done already. I don't mind that because I am willing to work very hard at this to achieve my goal, but with so much negativity and not enough real answers it has become very frustrating. I do relize that I have a long way to go but a little guidance would be favorable.
I would like to meet a successful investor here in the Atl, Ga. area and grab on to this person, just to learn the way of success. Everyone has thier own way but the one that works is the one I'm seeking.
So start hanging out at the local REI club, go back to those guys you've been bird-dogging for and ask for advice.
Hey bj,
I think most of the people on this website want to help, but you have to give them the full picture.
Okay...so now say you have sent out letters, brochures, business cards, etc AND YOU HAVE FOUND PROPERTIES. Well..why haven't you bought them or at least birddogged them????
How many have you found?
How many letters/brochures have you mailed?
Etc. You have to give us the full story if you want a solution.
I have colleagues in GA & it is saturated. Notwithstanding, deals are being done all day. The answers to the q's in the previous post would help. When they call you, how & when do you follow up? Are you tracking your campaigns. For me, I can relate because I have experienced financial difficulty so that is how I represent myself (I do not refer to myself as an investor). Rather, I'm there to help them stay in the house until the #'s reveal otherwise (which they usually do). What's your "angle"?
Not sure how many people you've spoken to and how motivated they are, but it may take a bit of time to close the deal. I'm off to the post office to mail a letter now to an owner w/2 houses, she was in the hospital and didn't have a chance to call the credit bureuas (senior citizen, bureaus have a "deceased" notation on her credit report & while trying to re-fi the investment prop the bank told her about the notation). While this owner is not in dyer straights to sell, when it comes time to do "something", I'm confident I will be the first person she will call. Hope this helps.
Also, I have to go 25-30 miles away from Naples for my great deals. As commercialking mentioned Naples has been 20%+ appreciation per year for multiple years and cashflow props are needles in the proverbial haystack
Finance? After extensive due diligence, strike your deal with the seller and then immediately re-market the property to someone else who puts up far more money than you owe the original seller, preferably through a lease-purchase or sell the property outright and carry the paper through seller(you) financing.
The only way i consistently find desperate sellers is w/ ads in small papers.
But this is a numbers game; you have to talk to a lot of people to find sellers w/ equity, no pre-payment penalties on their loan, etc.
Moderators Note:
Oscott, drop the caps it is difficult to read and looks like you are YELLING, I helped you on this one.
John $Cash$ Locke[ Edited by JohnLocke on Date 08/11/2004 ]
Quote:
On 2004-08-11 09:13, bj2964 wrote:
What do you guys think is a good deal? :-?
A "GOOD DEAL" is in the eyes of the beholder. To me a good deal is a residential lot that I just bought the end of July for $45K net to the seller. I also agreed to pay off all lienholders, pay all closing costs and pay for my own title insurance policy. Total cost of the lot came to $57,750.
An identical parcel 2 lots away is currently under contract at $175K and a little nicer one down the street just closed at $190K. That to me is a good deal.
By the way, the seller feels like he got a good deal too, because he effectively sold for double what he paid 7 years ago. Like I said, "A GOOD DEAL" is all in the eyes of the beholder.
Oh yeah I can see that the numbers in this deal are sweet.
I am trying a couple of new ideas out and I'll keep you all posted as to the progress. Thanks. :-D