All Forum Posts by: Lisa Edwards

Yes, most definitely understand PROFIT. the seller will sign over the deed, no problem. He just wants out.

OK so, to qualify this, I've never bought a note before ....but I have paid attention and done some research.

I have a property where the home owner is about 5 months behind on his mortgage and the bank is ready to start foreclosure. Sad, sad story.... I had called the bank and spoke with i guess just the right person in a bank interview to find out exactly where the seller stood.

The numbers were just not working out where we can help the seller as his lovely granddaughter had totally trashed the house and never paid the mortgage as she said she would.

Fast forward...the bank called the other day and asked if we bought notes and if we would be interested in buying this note at 50c on the dollar. The answer was YES and POSSIBLY.

Here's where I need some help, never having bought a note before to get started with the bank. My intent would be to email the bank officer and ask:

• Is the 50c/$ on the unpaid balance of the house or something else?
• Do I make an offer via email?
• What is your process for us to get to review the soft collateral file?
• Will you accept escrow to get the soft collateral file? ( Or do you need payment in full?) Is this refundable is something in the file is not right?
• How long do we have to review the file?
For me, who do I get to review the file? A title company? An attorney? What are the things I need to look for in the file?Probably goes without saying, but I'll ask anyways...everything the bank sends me i should run by my attorney, right?

If the bank comes back with a whacked out price on the house, I can negotiate secondary to the condition of the house, right. Will the bank generally be open to negotiate.

This is a small community bank that prides themselves on never foreclosing on homeowners, I believe that's why they are eager to sell the note. And if it's 50c/$ on the UPB its a SWEET deal.

Any thoughts, advice, opinions appreciated. Thanks, Lisa

OK so, to qualify this, I've never bought a note before ....but I have paid attention and done some research. 

I have a property where the home owner is about 5 months behind on his mortgage and the bank is ready to start foreclosure. Sad, sad story.... I had called the bank and spoke with i guess just the right person in a bank interview to find out exactly where the seller stood.

The numbers were just not working out where we can help the seller as his lovely  granddaughter had totally trashed the house and never paid the mortgage as she said she would.

Fast forward...the bank called the other day and asked if we bought notes and if we would be interested in buying this note at 50c on the dollar. The answer was YES and POSSIBLY.

Here's where I need some help, never having bought a note before to get started with the bank. My intent would be to email the bank officer and ask:

• Is the 50c/$ on the unpaid balance of the house or something else?
• Do I make an offer via email? 
• What is your process for us to get to review the soft collateral file?
• Will you accept escrow to get the soft collateral file? ( Or do you need payment in full?) Is this refundable is something in the file is not right?
• How long do we have to review the file?

For me, who do I get to review the file? A title company? An attorney? What are the things I need to look for in the file?Probably goes without saying, but I'll ask anyways...everything the bank sends me i should run by my attorney, right?

 If the bank comes back with a whacked out price on the house, I can negotiate secondary to the condition of the house, right. Will the bank generally be open to negotiate.

This is a small community bank that prides themselves on never foreclosing on homeowners, I believe that's why they are eager to sell the note. And if it's 50c/$ on the UPB its a SWEET deal.

Any thoughts, advice, opinions appreciated. Thanks, Lisa

Hi Cameron,

Sorry to hear about your grandmother.  We see this situation a lot. The city will not go after seniors who cannot pay their taxes as long a s they remain living in the house, but once they move out or pass...the money is due. I'd hate to see you improve on the house and then have it go to tax auction.  Sometimes the city will negotiate and settle for less.

As far as the condition of the house, if she couldn't pay her taxes, then she probably didn't have money to maintain the property. You are probably looking at a not so good property condition. 

And Brain is correct in, it depends on the value of the house and where it's located in the city. 

If you need some boots on the ground and an honest opinion of the condition and the valuation of the house, I'd be glad to help.

Software by Chris Richter and touted by Ken Clothier. Software is no longer updating. I called support and they told me I needed to search differently.  Really.

I have sent out several mailings and received no response, which is unusual for these lists. Thought i'd try again the other day and when I was going through and cleaning up the list I noticed a familiar property. It's one I had wholesaled more than a year ago. 

I checked with my county website and the records showed the new owner and the previous owner - correctly. Curious, then I randomly checked more properties on the list and fund that many had incorrect information. Information is not being updated.

I have had this software for a couple of years now and it's paid for itself with a few deals. 

If anyone else is using this software, you might want to check a few properties on your list.

Does anyone have any suggestions on renting to non-US citizens on Student Visas. Being how do I assure that they have funding for rent. And a background check?  Do I need to get copies of student visa, passports, ICE documents?

Help me say, "Been there,  done that"

Thanks,

Lisa Edwards

Full Disclosure LLC dba Happy Heart Homes

Corpus Christi. TX

Hi Wade,

We have our quickest turn around in "house prices" rather than house locations.  The bread and butter houses in the 150K range...move faster.

My understanding, though my RMLO, is any thing less than a 5 yr balloon is currently illegal. Who knows what will happen with tRump in place. So we balloon our properties at 5 yrs...and work through our RMLO to make sure we are Dodd-Frank compliant.

@ Kent  Starting out you either have one of two things. Time or Money. If you have time there's lots you can do to build your business. One of the best things you can do is driving for dollars if you have the time. We are always looking for good wholesale deals and would be happy to work with you...

Miles, Is this a post office box? You might consider a "paid" rental box service. I've used one for years. That way you can use a street address and it looks more like an office building address #, i.e. 3636 S Alameda #123, Ste. B Corpus Christi TX.  

And you definitely want your mailings coming back to you. These are valuable "kernels" to research further.