OfflineA lady keeps calling me to buy her house, she is motivated. She says she is months behind on payments. Not sure the amount. She says the home needs a new roof. It is a 3/1 bath 1128sq ft. home. She owes little more than 60K and the house is only worth 48K. So she is upside down on the home.
So can I do anything for her? When I asked her today if I paid cash today what would she take, she could not answer, but said she knows she won't get more than the home is worth. She said an re agent told her that a long time ago
So can she take less than she owes, this would not be good for her. She would be better to file for bankruptcy, right? Still much for me to learn in REI. Thanks for any help. Tammy
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The best deal you can do would be a Short Sale, so if you are not fimiliar with the process you should contact someone in your area who does negotiation with banks to do short sale and you can be the buyer of contract at less than is owed to bank and then if bank accept offer where it sounds they might depending on the repairs needed on the house. The bank will do a BPO to see what the value of the house is now. That will tell them how good your offer will be, they may counter offer or accept your offer. You should have a buyer set up ready to buy from you after you bought it.
Nunzio
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SHE can't "take" any less than she owes!! Like Nunzio said above, this is a short sale (maybe). Only the lender can agree to accept anything less than she owes. Remember to subtract any maintenance needed from the $48,000 value when determining what the place is actually worth. The best thing for her may be to due a deed in lieu of foreclosure with the lender.
Refer her to an agent that specializes in short sales and on to the next
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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Possibly as a short sale. However, that involves the bank and there probably isn't much money to be made. You can't make her problem your problem. Sometimes (often) we have to walk away and look for the next deal.
Roy Voeks
Official RE Coach
Now I know what to do. I will refer her to a short sale specialist. I appreciate everyone's help. Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
talk to short sale brokers, and ask them if they pay for short sale referrals. When you find one, then you can send this homeowner to them...
Also, when someone is upside down on their house, and want to get out, you don't ask them how much would they take; instead, you ask them how much can they pay to bring it out of negative...
Read Karen's post (link below)... read what she did, she got a check from
the seller for 24K!
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
keep it up, you are taking action, which is more than most people do!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I didn't realize just what she did there. Now I see. I think I need to pm you on this as well. Thank you so much!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
My situation was totally different though. My seller was current on her pmts and has excellent credit. That would not work in your situation here.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
if back payments can be paid up with option funds, or by seller if they care about saving their credit...
L/O buyers usually have bad credit, that's one of the main reasons they get into a L/O, but they still have cash for a down payment, but cannot get a loan with a bank, so they L/O for a couple of years while they repair their credit....
it's all about thinking how to make deals work, if the numbers add up, then you can do it!
(I guess 12K in the negative doesn't seem like a big deal to me since homeowners in Cali are in the 100sK in the negative)
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...