All Forum Posts by: Skye Bowen

Howdy! Just wanted to throw in my two cents on this thread.... Thanks for starting it, because it gave me the idea to go see the probate for my area for the first time. What I experienced:

Well, they don't have it online, so I had to go to the courthouse. I called first to ask if I needed anything special, and they did tell me that copies were $1. So I went there, a clerk brought me into an office, and was asking me if I needed help. I told him I was a real estate investor (I just offered it, to be authentic) and just wanted to look through the records. Apparently they thought that I wanted to open up an estate or something. So he said he couldn't help me look through them, and I was like, yeah, I know, I just need to know how it was set up. Cause honestly, there were records dating back to at least the 70's, and I wasn't sure how it was organized.

So he told me and let me loose. Long story short, I have NO IDEA what I'm looking for in the files. They seem much better organized than the foreclosure files, but without knowing what to look for in the wording, I was a bit lost. I kinda gave up (had my kid and hubby with me, I plan to go back with a lookup plan), and at the end of my search, the same guy said in passing that because the files that I was looking at were so new, they probably didn't have property in them, and I should be looking at files around 90 days old. Does that even make sense? My mom died last year, and everything pretty much happened within 30-60 days or so.

I guess I'm really asking, how do I demystify these files? I understand most will be different, but there are hundreds of files. Any tips on speeding it up, or does it really take that long if you're in the courthouse?

Well, I don't know as they have much of a footing here. It's been listed for over a year like I said, and they just reduced it to a price that's near normal for the area. There's some extras to it too - they put an addition onto it, which could count as a separate living area, were it not for zoning laws. So he was trying to sell it including all br/ba, and not just what's in the main house. I think they'll take cash because the owners are out of state and have been the entire time. Mind you, I haven't checked it out yet (holiday), but I checked on Zillow, and the last time it sold it was a ridiculously low price, so any mortgage is probably close to free and clear by now.

Honesty is my policy also, and I may just go by principle here and hope that he'll be sensible. I just wasn't sure if I should open my mouth about wholesaling, or just wait until the contract which would say 'and/or assigns'.

I have a lead from someone in my REI club...it's a pretty sweet deal I think (I'm new!), owners are out of state, it's been on the market for well over a year. Problem is that the RE agent is feisty. I guess that's why she gave the lead to me, she has a full time job and doesn't have time to bug him about it. As far as I understand, she mentioned that she was an investor/wholesaler, and I guess the guy made it difficult to work with her.

So my big question is, do I tell him what I plan on doing (wholesaling)? I think a cash offer would be accepted at this point, but I don't want to turn him off. If I make him a lowball offer, does he have the choice to not even show the seller my offer? Any thoughts would be appreciated!

Gotcha, thanks for the quick reply! :D

Did I read somewhere though that REO's are not assignable? Is that true across the board?

Okay, so for us newbies, what's in the "Very Few Essential Things Newbies Need To Do To Get A Deal" list?

Hello everyone!

My husband and I are planning to move down to North Carolina the beginning of next year. As such, we are doing a kind of 'recon' trip the last weekend in June, just to see where we might like to live and what the area has to offer. I KNOW that the Raleigh-Durham area has much more in the way of nice MH parks than the northeast, so I think it will be a great opportunity for me!

So, I'm looking for someone I can network with, maybe someone who can show me around the area, show me what is considered a nice park, talk about average lot rent, things like that. Seeing as I wouldn't be down there until Jan-Feb 2011, I wouldn't be in your hair much anyway! Just looking to scope out the area and make a connection is all.

Let me know if you're interested in spending part of your day with me (Sat June 26 - Sun June 27), and I'll buy you lunch!

Thanks!!

Oh yeah, and he's been holding on to the property for four months and he's super eager to be rid of it!

Thank you everyone for your wonderful input! Just as an update, I did go to see it today, and I think I am interested in it! The floor could use some work, and I'm going to discuss with my friend about us doing the work together, if it comes to that. He already said he would if I offered him part of the sale of the home. Other than that, there's nothing else wrong with the house that I can see. Mostly up to date.

I'm looking to sell it and take back a note. I think waiting for cash on this place, especially around my corner of the world, is near impossible.

So, I'm off to call the park tomorrow to discuss what I want to do (buy and sell). I've read in Lonnie's books that I should try saying that I have friends that want to move in and I'm just financing it, but that seems so underhanded to me. I'm just going to tell it like it is, try to lean it in their favor, and hope they are okay with it.

Thank you all! We'll see where it goes from here.

Aha! Good idea, that's what anonymous husbands are for.... and that's a lowball price too! I don't know if I have the fortitude to drop it that low. We'll see though. I can't see as he'd be willing to wait on it for much longer, seeing as he's already moved... Thank you!