Pre-foreclosure/How Do I Structure This Deal/ If There Is One
09/07/04
My husband and I are looking at our first possible purchase of a pre-foreclosure and plan on speaking to the bank on behalf of the owner. How do I get the form needed for authorization to do this? We are meeting with the owner tonite and plan on having the owner speak to the bank first and say we are a friend who wants to help to negotiate with them so we can get more info on a possible deal. I have the following info: They stopped making payments in March 04 and the bank won’t accept less than 72,000 dollars??(which sounds high) for them to become current. The bank has stopped accepting payments. Payments are 1700.00 per month and they are going to foreclosure this Friday for 199,000.00. Houses go for 250,000 to 275,000.00. I would like to flip the house for a quick profit if possible. What do I say to the bank? They need time to get out of the house, but are willing. Any suggestions on how to take over payments from the seller and how would you structure this deal with the seller?. They already had a bankruptcy 7 years ago which was dismissed according to the daughter. I don’t believe they want to declare bankruptcy again or if they can. Not sure of any judgements or how much I should offer to seller to make this deal work? I have home equity line of credit in place for 135,000. so I would need to sell house quickly as I can’t afford to hold house too long. I don’t want to rent it out if possible to flip. What about a possible short sale? Any help would be appreciated. Thanks, Dana
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Dana
Did you find an answer to your question yet?
this was a bad deal. The house would have netted less than 20,000 with alot of rehabbing. Not worth the time. I also had concerns over the septic. thanks