Offlinei am working on my killer deal - i found it in a sheriff foreclosure - the property is going up for auction at the courthouse - but i don't want to give others the chance to get there first or outbid me...i'm not sure whether to try and contact the owner - or if i should track down the bank and get to the loss mitigation guy and make an offer to buy the lien ( as Dean mentions he did on page 235 in his book "be a real estate millionaire"... ) if i get to the owner should i offer him more than the judgement amount so he walks away with something? Does the bank or its attorneys have to be notified about the sale? There is alot to it - Can anyone help?
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Since it hasn't been foreclosure on yet and I don't know exact time line until the sheriff's sale, you need to get in contact with the owner quick! to work out a deal between them and their lender. Find out what they owe (miss payments) and if there's any other liens/encumbrances against the property. Work to get their payments catch up and they deed you the property. If you can't find the owner, try urgently getting in contact with the Lender who holds the mortgage have your package ready and fax them your offer when you get in contact with the right person. God Bless in your REI endeavors.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I was thinking about how this works also. I joined 4closurealert.com and a lot of those listings, the notice to Sheriffs sale has been sent. I thought you could not intervene at this time but ATLcamel says yes you can. How do you call or walk up to the door on this one? I need to come up with a solid script for this? Is this not a great way to find a killer deal if there's equity ? What am I missing here?
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
You got to talk to them (owner's that is), if they're there, be sympathetic to their situation, but explain to them you're there to help them come to resolution due to sheriff's sales (Warning: don't use the words Eviction and/or embarrassment when talking with the owners. Leave these words out of your conversation with owners because the owners already know they will be evicted & they're likely embarrass b/c they're lossing their home, if they haven't already abandon the property, when the sell happens) and work out a deal between Three's company (you, owner & Lender). Get an attorney involve! If you sense any hostility from the seller if they're still at the premises because they're upset their loosing their home then wait til after the sheriff's sale to contact & approach the Lender before they list the property with their Listing Agent. Some Lenders don't deal directly with public in regards to offers because of their volume of REO assets (i.e. Bank of America). If the Sheriff's notice has already been sent, time is of the essence, you got to find out when they received the notice in your conversation with them and how long they have before the property hits the courthouse steps or wherever they hold bank RE auctions for your City.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I have also been "pounding the pavement" using the 4closurealert. I've done the white pages reverse look-up and called many people. i.e. left many messages...I had a call back today..Here's the scenario:
This couple has divorced. Wife's name is not on the mortgage. Husband has not lived in the home for 2 years...Wife wants to buy home and stay in it but has been told her debt to income ratio doesn't support it even though her credit score is 744. (husband won't pay alimony and has racked up 60,000 credit card debt on wife's credit cards)
She called me today asking if there were any investors who would buy the house before it goes to auction (8/12) and let her rent it for approx 1 year till her debt to income ratio improves.
She was told "it's too late to buy" that home will be auctioned off 8/12.
Does anyone out there see a win/win situation for this? As a new investor I'm trying to wrap my brain around this one. I'm a member of the success academy and have a call in to the advisor line but needed to throw this out there to others more creative than myself right now.
I smell a deal here, possibly...but I can't wrap my brain around it. I looked at the property today and met this woman. The home's beautiful. Total cost of default + attorney fees is 164,900. Tax appraisal per 4closurealert record is 213,000. Recent comps show houses have sold in the 220,000 - 240,000 range. Would anyone care to comment? Any ideas?
My thinking was that if an investor bought it they wouldn't want to resell something with so much potential equity....back to her in a year. Is there a potential lease/option opportunity here that could be profitable? Where does one go with an offer when the ex-husband is being a jerk and just wants to hurt this lady? (I was able to get his cell phone # and bank # and mortgage loan # from wife. Can I go around the ex, directly to the bank? I'm wanting to assign this to an investor.... Come on, all you creative money-makers! Share the love!
Thanks in advance, Kara
You have 2 options either flip it to another investor fast! Or get your ass on the deed and do a lease to option!!!! Time is money so take action now!
it to another investor. It's their (that is investors) decision whether they would lease the house back to her. I wouldn't go that route to get yourself on the title! CYOA! Does the wife know if her husband has had a recent appraisal done on the property? Possibly see, if you can, delay the foreclosure by working out a short sale with the lender. You're going to have to get husband's permission to talk to the bank since he's the Primary Signee on the mortgage with the Lender. Otherwise unfortunately you're going to wait til the bank obtains the house back after Foreclosure auction unless you can work out a deal directly with the Lender (depending on which one holds Mortgage note) before their throw it in their Listing agents lap to sell.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
By faxing "package" to lender, what specifically are you referring to? A signed contract and what else? Thanks -
Fax a signed Purchase and Sales Agreement contract and Pre Approval letter or Proof of Funds letter (only for the amt you offering)to present your offer to the Lender.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Well now that i've been at this a while....what is happening is that the sheriff's foreclosures that i'm finding with major equity in them - the lenders are giving the owners more time or arranging payback plans...I showed up at the sale all prepared to purchase the property only to finf out my killer deal got adjourned...i havn't given up hope though - i remembered Dean's 25:1 rule....when i looked i only had sent out offers to 6 deals with the most equity in them...what i am doing now is making offers to owners 45 foreclosures with the most equity...hopefully i won't be disappointed next time!!!!
Thanks to all that have respondeed to my post - you guys are great!
Great info.. Needed to read this... Thanks
Josh
Josh
"The best is yet to come."
"Never let someones opinion become your reality"