Donna Bauer Note Buyer
Has anyone tried her course on note buying & the ultimate short sale ?? I have a deal with the 1ST @ 110k, the 2ND @ 10k the 3rd @ 27k . I offered to buy the 1ST at 71,500. or do a short they are going to do an appraisal. The house was built in 1960 & needs a rehab. The 2ND said they might take 7,500. but think it is worth 160k so will probably let it go to sheriff sale. I pointed out the rehab etc. The third said fax an offer for them to consider.. What is the best plan to follow??
I realize this is an old post but i feel you are on the right track. I feel you need to find out what the ARV (after repair value) would be by pulling some comps. the third of 27k is in a very bad position and probably would take anything they could get. put the comps together and a repair estimate to paint a real ugly picture of the property and go back to the 2nd and negotiate. So if they are under the impression that the property is worth 160k is that as-is condition or after repairs. You just have to try to get them to understand that all it takes is some bad weather or one poor turnout at the auction if all thats bid is 110k they get nothing. Are they really going to spend 110k plus repairs to protect there 10k i doubt it. I think if you could discount the 2nd and 3rd down and can short the first you seem to have a pretty good thing going here. I wouldnt let it go to the sale if i were you try to discount and short if it goes to the sale you could run into a rehab person that might bid 100k. If you could short the first at 71,500 and get the second at 7500 or less and the thrid at maybe 8500 or less...thats a total of 87500 for something that my sell at 100k at the sale. banks are in business to take deposits and make loans NOT the rehab business. best of luck hope ya didnt give up on this deal. you might have something here.