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Updated over 10 years ago,

User Stats

41
Posts
14
Votes
Steve Gregory
  • General Contractor/ Investor
  • Tulsa, OK
14
Votes |
41
Posts

Foreclosure: Negotiations with owner

Steve Gregory
  • General Contractor/ Investor
  • Tulsa, OK
Posted

I found this one through court docket research, contacted owner through FB messenger this morning, she wants to sell and pushed me for an offer while messaging (sight unseen at the time) I walked around house and is in pretty serious disrepair, etc. But it looks to have good bones, sits on 1+ acres, 1,500 sq ft. I haven't seen the inside yet except for minimal through the windows. Owner said it's been over two years since she's been in it and she only lives about 15 miles away. We've yet to actually speak, but  I messaged her and said that I needed to see the inside prior to making her the offer.

Owner hasnt made a payment since 4/1/14 and to payoff mortgage in full would be around 22K, not including lawyer fees on the filing, etc.

This would be my first deal, so here is my "things to do" list, Please correct me if it's out of order or missing important points!

  • Meet w owner at house and if all looks ok, make an offer. (I'm thinking of "I'll take care of existing mortgage payoff, lawyer fees on the foreclosure, closing costs, and you can walk away with 1K in your purse!)
  • Q. When / do I contact the atty for the plaintiff and what do I say/ask?                           I assume that I would say I am interested in purchasing the property and am in negotiations with the seller and that I need the grand total due for a complete dismissal of the foreclosure case including any fees due them. Or maybe my atty would handle that for me?
  • Q. At what point do I get a purchase contract signed? BTW- I have no intention of doing this transaction without an attorney, I've already spoken with one about a sub2 that I was entertaining a couple weeks back, and I plan on using him. I'm just trying to wrap my head around the whole process.
  • Take title to the property, fix it up, sell it, and make at least 25K!
  • I'm sure I'm forgetting some things............What???