you're getting into the hardest part of the business. If the homes do not have any equity then you're looking at going through the short sale process which is a pain in the you know what. If you have a system for finding preforeclosures with equity then go for it!
The house sits on 2 of the 4 lots of this property. It is an estate and the owner just passed away, the siblings are the heirs. I was told they are motivated to get rid of it. It has been listed on & off for the last couple of years. I was working with a realtor when I first saw it 2 weeks ago and he hasn't been good about getting back to me with details of the status with the heirs. I called the listing agent yesterday & it is off the market, he took my number to have the brother of the deceased call me. If the market was better, this would be a great rehab. I am being told by other investors it's too risky to do rehabs right now having so much money tied up in the property then trying to sell it. This area is close to the beach & building is going on, so there is some action.
The deceased paid $400k in 2007
His mortgage is $150k
Well... the heir just called me in the middle of this email
New plan- they want to hang on to the 2 lots and sell the house that sits on the 2 other lots. They want to sell the property for what they owe. $149 and are motivated.
The FMV as it sits now is $305k. How can I get the FMV now that the 2 lots will be gone. Would the heirs have to go ahead and sub-devide and get an appraisal??
When you do an assignment of a pre-foreclosure, can signing the option-to-buy type of purchase agreement ever trigger the seller's lender to call the balance of his loan due in 30 days as in a typical agreement and sale? Even though you explain what you are doing to the seller and you have the right but not the obligation to buy, it is still a purchase agreement. Is this addressed in the language of the purchase agreements available here at this site?
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you're getting into the hardest part of the business. If the homes do not have any equity then you're looking at going through the short sale process which is a pain in the you know what. If you have a system for finding preforeclosures with equity then go for it!
KimmyJ
Press on...
The house sits on 2 of the 4 lots of this property. It is an estate and the owner just passed away, the siblings are the heirs. I was told they are motivated to get rid of it. It has been listed on & off for the last couple of years. I was working with a realtor when I first saw it 2 weeks ago and he hasn't been good about getting back to me with details of the status with the heirs. I called the listing agent yesterday & it is off the market, he took my number to have the brother of the deceased call me. If the market was better, this would be a great rehab. I am being told by other investors it's too risky to do rehabs right now having so much money tied up in the property then trying to sell it. This area is close to the beach & building is going on, so there is some action.
The deceased paid $400k in 2007
His mortgage is $150k
Well... the heir just called me in the middle of this email
New plan- they want to hang on to the 2 lots and sell the house that sits on the 2 other lots. They want to sell the property for what they owe. $149 and are motivated.
The FMV as it sits now is $305k. How can I get the FMV now that the 2 lots will be gone. Would the heirs have to go ahead and sub-devide and get an appraisal??
Thanks!! Debbie
When you do an assignment of a pre-foreclosure, can signing the option-to-buy type of purchase agreement ever trigger the seller's lender to call the balance of his loan due in 30 days as in a typical agreement and sale? Even though you explain what you are doing to the seller and you have the right but not the obligation to buy, it is still a purchase agreement. Is this addressed in the language of the purchase agreements available here at this site?