OfflineI had looked at a home built in 2001 and it is set for handicap/wheelchair access, and has an elevator in the home for w/c. The man passed away, daughters live out of state. I can't do much for them as the comps in the area are around $180-208k. Her dad passed away in January, and had enough money to make the $1400 payments through May. Daughters can't afford the payments, and it is now two months behind. It is with Bank Of America.
There is a lot of stuff left in the house, including two electric wheel chairs. Has an electric bill over $800, but they are working that out with the utility.
They will pay me to clean the house, and I can sell whatever from the house. But would like to sell somethings to help the girls make the payments.
I have heard Bank of America is not a good bank to work with. Can they sell on a land contract, or lease opt with this situation. Or how can they lower the payments or protect themselves from a foreclosure if it doesn't sell right away.
Balance on mortgage is $122k but now there are court fees and taxes and it would be just under $130 to pay everything. The three girls would like to get something, even a few thousand each, as they had to spend for coming back and forth to get things and try to do something with it.
I told them I can't do much investor wise, but as a friend, because I knew their dad, would help them with the cleaning and showing it.
Any ideas of what could be done with the place to save foreclosure, or getting to far behind on payments?
Thanks
Sandi
Have a question on financing.
Posted on: Sat, 07/23/2011 - 14:43
Have a question on financing.
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I Googled disabled real estate. (Wow, there's an under-served market.) Anyway, I found a site called BarrierFreeHome.com where you gals can list the property. I am sure there are a few more like it. Post it on websites and bulletin boards where folks who need it will find it. Then, sell it "subject to". Or, let the girls lease it to own. Or, sell it on Land Contract with 20% down. Go to a VA hospital and post it there. So many folk are returning with life-altering injuries that need exactly what your friend needed while he lived. Chances are they need alternate financing. peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
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I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
A possibility Randy 428.........Randy vaughn........has suggestions...he has done a PILE of subject to,s.....and has extensive experience with veterans....pm him....maybe he would be interested in buying subject to or know a direction for them.
Jay
Click Here For homepage www.jaysthilaire.com
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Thanks will call the VA hosp you never know.
I just came back from the house, and it would take me over a month to try and clean it out. The place has a lot of clutter left behind. But it has three bathrooms, and they all need a lot of cleaning. All carpeting needs to go and the man owned a cat that was very clean. However the guy who moved in with him and stayed at the house till two weeks ago, when one daughter and myself got on him to get out. He never paid utilities, didn't mow the grass, and obviously never cleaned the litter box. There are some piles downstairs in two of the rooms. But fortunately, no cat pee, there is no smell from it.
Don't know how they can sell it with much profit for all the work it needs. But maybe just basic cleaning will be enough.
I will try the website you gave me, thanks for the ideas.
Sandi
Thanks Jay will do that. The house is a nice house, but oh so dirty
And bushes around the house haven't been touched for years. So I am going to push for the daughters to come up here for a week, and we can go through everything and clean. I showed it to another investor about a month ago, and he didn't like the elevator, said no one wants a house set up like that. Well maybe not people he knows, but this place was built for a handicapped man. And there are people that need them.
Thanks for the advice
Sandi