Purchasing Notes On Specific Properties

[Clifton Jones]

Hey,

I have been handling short sales now for approximately one year and am running into multiple issues. Yes, I have been able to get acceptance letters, but there are many of the properties I am trying to short sale that are taking way too long and the lender is requesting way too much.

My question is that I have at least one specific property that I want to buy the note from the lender (Freddie Mac). The servicer for this loan is BoA. How do I go about contacting and purchasing this note (on this specific address) from the actual investor?

Another question is the original loan was for $250,000. It was taken out 6-7 years ago and no payments have been made in over 1 year. What would a valid offer for the note be, in this case.

The property is in foreclosure and I am working on the short sale. The home needs to be completely gutted and re-built. There is mold throughout the home, so all drywall must be removed. The house was built in 1959 and needs to have new electrical, plumbing and A/C.

I want this property, as it is in a very desireable neighborhood, and I can fix it up for less than $50,000. The ARV is $240,000.