All Forum Posts by: BJ Henderson

@JD Martin Just paint and carpet. Nothing major. Less than 10k. I was thinking that the margins were just too tight. Not sure if the bank will budge on the price anymore, but I can't really see the numbers working out too great here.

I have a seller that is going into Foreclosure. He hasn't made any payments in over a year totaling between 20-30k behind. The property is worth $232,000 and he owes about 200k. ARV can go as high as 250k. The bank has agreed to do a short sale of 189k. The place is 3,066 sq ft. 4bed/3bath lake front property.

What would be my best option to use here? Is there a deal here? If so, is this a good subject-to deal or a flip?

I'm not in a rush @Robert Nanson. I'd actually prefer 30-45 days, but they are in a rush for some reason. 

All I now is they are going into foreclosure, but it does seem like something is missing.

I haven't seen anything out of the ordinary from the research I've done from the county site and court records.

And I haven't discussed anything with my lawyer about the property as of yet. Was waiting until I got it under contract.

@Mindy Jensen I countered back with an offer of $135K and 20 days. If I can get it at that I think the numbers can work out for me. They are going into foreclosure so I think the attorney is trying to get things moving. I can't really do much more than what I'm asking. I sent my first offer in about 10 days ago and the lawyer just got back to me on Monday so while he's acting like they're in a rush, they don't seem to be in a rush when I present my numbers. lol

@Stone Teran I do not have a conventional lender. Most likely hard money or I'm going to have to wholesale it.

I received a counter to an offer I gave a lawyer and his client a couple of weeks ago. They are looking for a 10 day close. I initially wanted 30. Is 10 days enough time to do my due diligence? 

Also my initial offer was 128,500 and they countered with 140000. While the numbers still work at that number the lawyer won't disclose how much they owe on the property. How important is that piece of information? The only thing I do know is they bought it in 1996. 

I don't want to get burned, just need to know what the next step should be with so little time. Thx

Go to the city tax assessment website. 

Brandon,

Welcome to the area. I hope Raleigh brings you much success. Maybe we could work on something together sometime. You should also get out to some of the REIA meetings in the area.

The lawyer wouldn't disclose how much they owe. They've owned it since 1996.

Is there any other way for me to find out what they owe?

Well if I could talk her into a sub-to deal would it work? She may just not want to have to worry over her property while out of state.

I have a motivated seller that is looking to get their name free and clear due to moving out of state in a couple of months. They no longer want the headache of having a property in their name. It's valued at about 57k and she owes 42. 

What's the best option for both parties in this situation?

Is this a sub-to deal?