Up-date and Question

Today was a very productive day.

(Played golf early) After that went to look at the house that called from my mailers. Decent duplex, needs up-dating. Especially heating situation. A gas on gas stove is the lowers heating source? The owner thought that was alright??? Basically all she's done to it is a new roof and 6 windows. It's a page right out of the 60's. Possible wholesale or lease-option are the exit stratagies. The house definitely has possibilites. She's owned it since 1968!! 

Came home and called a lead from my "I buy houses" ad ($5 a week paper...sweet!!). Have a definite appt. Monday at 10am. Seller is definitely motivated. He bought the house cash with some small settlement he got. I'll check, but I believe he's behind on the water bill, garbage tax etc...No mortgage that I know of. I made this guy a low ball offer last year, 5k, he baulked at it. Don't ya know he's calling my ad a year later?? I did it because he's a crack head, and I wanted him off the street. This could benefit everyone. Obviously myself, but also the people who live on the street. They all know and complain about him. I already have an idea of an offer.

After that wrote out mailers for 2 hours. They're already at the post office. Called 2 FSBO's. Might get to see one of them Monday. Plus possibly one more. Then I decided to send a few of my buyers an e-mail, going over their criteria, making small talk, and dropping a hint that something might be in the works. I also called and spoke with one of them. Nice guy, wants to have coffee sometime. Told him too something might be in the works. he said "let me know" (I guess a bit of customer relations).

That isn't even the best part. A guy I've been trying to get a hold of, finally answered his phone. Could be a nice deal. He's busy this week, but said we can get together next week to get a look at it. I tried to contact him last year about this house and failed. Could never get a hold of him. He said to a neighbor in the past, if he could get 70k for it he'd probably take it. I have comps of 139,134, and 125. The 125 was not in good shape. We had a very nice conversation.

So THEN, I called a friend of mine to see why he wasn't playing golf tomorrow. He made some excuses as to why, then it came out. He's letting his house go! Yes, into foreclosure! He's literally packing as we speak. Getting ready to move. He NEVER made mention of it before? My QUESTION is...He says he's hasn't paid his mortgage in 6-7 months. He said "he thinks" he seen something about a foreclosure noitce? Based on how many payments behind, can you tell approx. how far along in the process he is? I was thinking a short sale? I believe he's up-side down? Anyway I told him to call the bank and see how far along exactly in the foreclosure process they are. Any thoughts in handling this situation? Thank you.

Geeez, I've literally been "working" today since 12 noon, it's 9:38 pm as I'm writing this. It's been a busy Saturday. Time for a shower.

Norm