All Forum Posts by: John Grover

Targeting a property that will go to auction soon but have current owner engaged in allowing me to negotiate with his lenders to try to settle these debts then purchase the property.  I do not believe I want to pursue a short sale due to how long it will take.  Any suggestion as to how I can structure a deal where I negotiate settlements on behalf of the current owner then purchase the property?     

I am curious what vehicles are being used to not pay capital gains tax. Situation.. flipped house with LLC, will have six figures at closing in a couple months. Will I be relying solely on the expenses I can run through the business this year or is there a better strategy? Also who has parked cash in overfunded life insurance?

I am curious what search method most use to track down accurate phone numbers..   I have tried a number of different angles here but none have been as consistent as I like.. Thanks in advance..

Thanks. Short sale would be a fantastic approach however I am under the impression that most banks require any property approved for short sale to hit the MLS for a period of time prior to accepting any offers.

Unless of course the fact that this individual is pursuing legal action incentivizes them to bypass that to accept an offer and move on.     Does anyone have experience and success submitting a short offer to a bank in this type of scenario?     

I am looking at potential liability of the following subject to deal.    Scenario...  seller went into strategic default on primary years ago.. he has been prolonging foreclosure via fraud claims against the bank.. all the while I am sure renting and paying nothing against the property.  He suggests he may have a good case however the bank also may move on him at any.  He is looking to cut a deal.. I believe in his mind something like this:   He transfers the property to me subject to mortgage with no expectation for me to pay his mortgage since it is being actively contested.  If he is successful in winning the case and getting the loan forgiven(days or years from now), I give him x percent of the proceeds on the future sale of the property.   If he is unsuccessful and the property moves to auction we are both out.   

I cannot think why a seller would want to do this?    Does anyone know if him moving the property to another entity (in any way) would give him potentially more leverage in obtaining a settlement or a modification from the bank?    He has indicated he has no concern on having a foreclosure on his credit.    Thoughts?

How could a deal be structured with someone that cares little about their credit yet wants a piece of action on the sale of their property?