All Forum Posts by: Account Closed

@Corey Davis

Great question:

Owner's goal is to minimize credit harm and find a new beginning as smoothly as possible. She has had some hardship and has been living inside a turtle shell for a long while. We will be helping to facilitate her move.

Bank's goal is a wild card. We have enlisted the help of a short sale expert to help us navigate the poker table.

And yes, coffee sounds good!

@K. Marie Poe

Great question as well. The value in this deal is adding additional square footage for much less than the market values that footage, combined with improving and polishing the existing bones. She does not have a BK.

Given the property's current poor as-is condition, the lender will likely need to go short given the amount in arrears. We will see. The unpaid principal is right in line with what we want to pay.

@Corey Davis

Great question:

Owner's goal is to minimize credit harm and find a new beginning as smoothly as possible. She has had some hardship and has been living inside a turtle shell for a long while. We will be helping to facilitate her move.

Bank's goal is a wild card. We have enlisted the help of a short sale expert to help us navigate the poker table.

@K. Marie Poe

Great question as well. The value in this deal is adding additional square footage for much less than the market values that footage, combined with improving and polishing the existing bones. She does not have a BK.

Given the property's current poor as-is condition, the lender will likely need to go short given the amount in arrears. We will see. The unpaid principal is right in line with what we want to pay.

Yes, our relationship built on trust with the homeowner is pivotal in putting this whole thing together.

Thanks for the quick replies! My fault for leaving out an important detail.

She provided a copy of her last statement: Total past due=98k. For this to work, it seems like Wells Fargo will definitely need to go short...?

Greetings BP,

I have a grass roots lead in a very nice neighborhood in Portland, OR.

The homeowner hasn't made payment in 4 years! The unpaid principal balance represents just about my exact MAO in order to make a major rehab pencil with a 100k return There is no second on the property.

What can I do? Can I contact her bank directly if I get her approval or does she need to do that? From what I can gather, the property has to be listed for a minimum amount of time on RMLS? I.e. I can't craft an agreement between seller, bank and me without the deal ever hitting RMLS? Is that correct?

Thanks for any advice! I know there's something here...

I would highly recommend Bob Broad with the Portland Real Estate Cafe. He's honest, intelligent, trustworthy, a great negotiator and offers top notch customer service.

I imagine every state is different, but here in Portland, OR I am having good luck so far working with my local title company. They have access to all the public data and can provide an initial data dump based on my criteria (x area, x units, x assessed value, etc etc)

Once I receive the data, I filter more in excel based on my own criteria. I've found it works well to begin with a broad brush and work your way down from there. It doesn't hurt to start with too much data as long as you employ a bit of patience and smarts on your own.

As long as you promise to close your deals with your title company, they should be happy to help.

Good luck!

Thank you Beth and Mathew!

Greetings BP,

I continue to be amazed with how great this community is!

Does anyone have a RE attorney recommendation in the Portland, OR area who can advise on contracts and contract assignment? I.e. wholesaling?

Thanks!