Need some help on a potential deal!

Third party authorization can be gained over the phone in most cases. The seller calls his lender and tells them that they can speak to you directly concerning their account. It's not very difficult, you might be on hold for a while.

Michael Mangham
MD Home Acquisitions LLC

is progressing really well with your REI. All I have to say is listen to MIKEY (michaelmangham)if you have questions. Well, Mike is not the only one, but he is a very good start. Keep us informed and good luck!!

Thanks for the information. We are trying to meet with the seller, hopefully tomorrow!

We have met with the seller today and gave us the letter the attorney sent. We are calling him tomorrow and hope we can talk to him. Seller told us that he tried to contact the bank but the bank did not want to talk to him and asked the seller to contact the attorney handling the case. Any ideas of the information that we should get from the attorney?

According to the letter the seller received in early february, he owed about $42K. I am not sure if the attorney would be able to tell us the amount owed as of today. Should the contract be for the amount owed to the bank? or should that include the fees already incurred as the property is already in pre-foreclosure face.

Thanks!

You will have to find out what the pay off amount is, it will include all fees. Don't forget about taxes owed also.

Michael Mangham
MD Home Acquisitions LLC

Do you think the attorney will have this information?

We will call the attorney tomorrow and hope we can get all this info. Thx

He will have access to the info, but may not release any info directly to you. The seller will have to get him to provide the payoff info as of 5/11/2011. It may take a while or he may have the info at his desk. You never know. By the way the lender MUST talk with the seller. If the lender refuses to supply the payoff amount the seller(I doubt this is true)then the seller should contact his own attorney!

Michael Mangham
MD Home Acquisitions LLC

We don't really call Michael, Mikey. Steve was just fooling around.

thanks all for the feedback. No luck yet getting in touch with the attorney, but will try back later.

thanks Michael for your input!

Jeri was able to talk to the attorney legal assistance and had to send a written authorization from the Seller. Jeri is great talking to people, I still have my accent from South America. We did it and faxed to their office. They will get the balance information and fees within 5-7 days. I called the court house and taxes are current and no mechanical lies on property other than pre-foreclosure notice. But, we still would have to do a title opinion. Next week, we will call the attorney and hope we can put our final numbers together and decide whether or not to proceed with the deal.

Today, the attorney sent us the final pay off amount which is where we expected. As of today, property balance, interest, fees, and attorney charges will add up to $45K. We are locking this property today and find a cash buyer the next couple of days!

From the Edge 2011, I've been working on the buyer's list! I have made a lot of progress on the list, so hope I can wholesale properties from now on.