All Forum Posts by: David Zamarron

Deal with the Realtor.  The bank retains them to deal with potential buyers.  Even if you could find the responsible person at the bank, they would refer you back to the Realtor.

Please contact me if you have NPN for sale in the Central Michigan area.

Our geographic area still has single-family investment opportunities.  If you are interested in learning more about our market area,  please contact me.

This sounds like a scam or if legit, very messy.  I'd stay away from it.

You are likely dealing with Premium Title out of Atlanta (An Ocwen/Altisorce affiliate)  by way of India.  What are the issues delaying closing.  Also, be prepared to wait 60-90 days for your recorded deed. 

Once a NPN is purchased, occupancy is determined. If the dwelling is occupied by the mortgagee (owner) an attempt to restructure the note terms and get them paying consistently. Value is created by turning the NPN into a performing note. If the property is vacant, then we would begin the process of foreclosure and eventually gain title to the property. From there we would either hold and rent, rehab and sell or sell as is. Hope this helps.

I am interested in purchasing non-performing notes in Mid and Central Michigan.  I can also provide due diligence services on your Michigan NPNs.

Generally there is 5-10% discount built into their asking [rices.  Another key factor is days on the market.  They are typically more aggressive around the 120 days on the market time.

My suggestion is to consider a lease-option.  Her mortgage likely has a due-on-sale clause which may prevent a subject-to arrangement.  Your primary challenge is doing the rehab with no out-of-pocket costs.  You have the potential to make 80k here.  At some point, you have to spend money to make money.  Also, with the lease option scenario, you will have to make her payments current to keep it from foreclosing, another cost of doing business.

I would suggest attending a REIA (Real Estate Investment Association) or landlord association meeting if these organizations are in your area.