OfflineWow, sure wish I had more time to lock this deal down. This is a lead I got from work.
House with zillow "zestimate" at 290k,
But the gentleman only owes 100k on the house. He is 25k behind. Only problem is that he needs 25k by Wednesday of this up coming week to stop the foreclosure. If not, house goes to auction Friday, and the bank robs him of his equity, and the man and his family loose their home! He said that he has an appraisal from last year for 360k.
I want to help!
Now here is the kicker, he just sold a Free & Clear building for 198k, that he owned for his business but they will not have the funds in time to stop the foreclosure.
I have been racking my brain, thinking this is my opportunity to save this man's home...and get my first deal done. Only problem is I don't have a buyer in West Virginia.
This deal is a no brainer, but I need some help. Any suggestions? Hard money? I would really like to help this gentleman save his home, and help him purchase it back within 90 days (after his building funds come through).
He was searching for a business loan through my work; my company can't lend to his business because he is behind on his house.
He needs help, and I am hoping you DG'ers could help me figure this out and save his home.
The bank is going to take over 200k in equity if I can't help him.
What should we do?
I do have an idea, maybe you have suggestions too.
Here is my idea:
I purchase the house for 110 cash, buy out his loan from the bank and give him first option to buy back his house in 60 days for 150k cash. If he is not able to close his deal on the other building we can easily put this on the market for 175k and sell right away.
I only want to make this offer after I secure a cash buyer/lender that can close in this limited time period. How can I buy more time and stop foreclosure?
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
I suppose I can track the auction of this sale. We made alot of personal progress on this deal but missed the opportunity. Heads up, more foreclosures are still to come. That is my wholesale focus, this deal just showed me that I really can close a deal in any state withlimited time.. had I a few more days I think I could have purchased this 360k home for 120k. bummer
Thank you for all your help here. I am looking for financial partners, equity partners and cash investors to make sure I never lose a deal like this one again. I run a marketing firm and can provide business funding through my day job.
If you want to team up, teamwork makes the dream work
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
Since the loan is to purchase the home, you simply supply a note (mortgage) with the home as security. You just need to make sure the time frame is a long enough period.
Tommorrow comes regardless....so make it worth the wait.
One last mention. Check on the auction results. You may still have an opportunity to contact the buyer (individual or bank) and purchase the home for a great deal for you and a very quick profit for the buyer.
I just don't believe in letter a deal die until it's in the ground. And sometimes the occasional zombie.
Tommorrow comes regardless....so make it worth the wait.
I have also noticed that sometimes even though a house is scheduled for auction, they don't have time to get to them all and it is rescheduled for a later date.
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!"