All Forum Posts by: Michael G.

I like it Trip. Find out when you meet what exactly the situation is with the non paying family member. I would stipulate that they need to deliver the property with the family members apt. vacant...unless of course the family member wants to start paying...and I would get a 1 months rent and 1 months security factored in to your offer price to pass on to your buyer. Speaking of buyers...hows your buyers list for this property? Not having a fat buyers list is a huge detriment to any wholesaler. Now you said the seller wont take less than 60K so how's this deal going to work for you? Did you ask Mr. Seller - I have 50K cash to give you...and he said no? If you dont ask you dont get. Lastly you gotta be in the ball park with your ball park estimate. Your deal sounds thin as it is. Does it need "roofing work" or a new roof? If he needs a new roof then your deal maybe toast. If it was built in 1935 and not well maintained then mechanicals come into question. Does it come with a transferable C of O? I would put it under 45 day contract with business partner approval and inspection contingencies and get your buyers to come take a look.

She missed 2-3 payments...

BOOM! J Scott blows up the spot! Wow! It looks like Anthony Lewis bought it at $312K and sold it ...at best... for $540K. I dont see $900K anywhere in the sales history! Phantom profits? In the words of the late, great Walter Scott....''Oh what a tangled web we weave when first we practice to deceive''. I'm sure Anthony has a perfectly good explanation an I for one am interested in hearing it...wait...i need popcorn :wink:

Thanks. I havent gotten all the details on the monthly mortgage payments yet. I doubt if they will be enough to cashflow but its a good idea. Never thought about taking it subject to. @Bill - very good suggestions. I think I will bulletpoint these and present them to her as my own intelligent solutions...LOL. @ Mat - You're right. I was thinking about how her whole net worth situation was going to play out since she told me she has another house and she cant pay for them both. I'm wondering if a loan mod, re-fi or any other lender based solution will look at this other home as a way to pay for the house she wants to walk away from.

A seller called me saying she can't afford to pay for her primary residence anymore. She has a 1st with Chase and a 2nd with GMAC for a total of 450K. She'd be lucky to get 350K in this market. She's trying to determine what her options are. I suggested a deed in lieu of 4closure but I read that if her debt exceeds the current fair mkt value of the property the bank may not consider a deed in lieu. She wants to do a short sale but I've not had an experience where a lender will do a short sale unless one is delinquent on their mortgage which she is not. Any ideas?

I would be interested. I'd finally have a good reason to have a Twitter account!

Seller called me today about a property she owns and wants to sell. No distress physical or financial. When asked if she would use a realtor she said no...she wanted to save on the commission.

What do you tell sellers or how do you convince sellers that using a realtor is a smarter and more productive approach/option for selling a house despite the comissions paid?

Thanks again. She said she's stopped making payments on the house altogether which doesnt bode well for a loan mod approval...right? Logic would dictate that talking to Litton should provide the insight needed to move forward or not on this. I'm thinking I need to speak with the lender either way to determine if a short sale can or cannot be done.

Thanks Joel! That was very helpful. Now the whole 3 month listing scenario makes sense. She did say they had her on a modified loan and when the opportunity was presented for a perm mod they denied her. She may not be telling me the entire story. There may have been some contributing factors to her getting denied. I guess what I'm trying to determine is how to proceed? My instincts tell me too meet with her on Thurs. Get the ATRI and call Litton to see what can be arranged.

When you get a great feeling seeing your bandit signs all over town! (or maybe thats just me) :wink:

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When you cant drive any residential neighborhood without looking for vacant or distressed properties.

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When you teach your kids, spouse and relatives how to spot vacant properties and report them back to you.

or

The CD's in your car's cd changer is mostly RE investing NOT music.