All Forum Posts by: Jim Gordon

Jon a couple of months ago I ran into a short in a 180K neighborhood. 2 plasm televisions, surround sound in the main area, Jag in the garage, no carpet on the floor in the livingroom just OSB.
Some peoples priorities are just out of line.

You have had that door less than 3 weeks. If they told me that they were going to charge me to come and repair it I think I would have told them never mind fixing it just come and pick it up.

Chop - First you are being very optomistic if you think that you can get 6% on a NOO with 100%!

Second I don't even have to run any numbers to see that at this price the property bleeds cash.

Third the owner sets the price and the listing agents job is to get the property sold at the best deal for the seller. Do you think they would get any activity with a comment like---
"This property has negative cash flow and the tenants are all complaining about things that are not fixed. The current owners have had enough and want out. They need to sell the property but paid to much for it and are trying to get out of it without losing any more."
This is more than likly the truth but you can't put that on comments.

Kelsey
The first question that I have and everyone else seems to be missing is why is this guy handing you 200,000.00? If there was really a chance to make that kind of cash on this don't you think that he would keep the property himself and have you observe what is going on?

The second thing that I don't like is this person is running his own brokerage, mortgage company, contracting company, and title company. That is way too many irons in the same fire and there may be trouble down the road.

If this is a rental will the current owner be able to rent it out for 10,000.00 per month? That is the only way it makes sense to purchase the property for a rental.

Steph a lender will look at the FMV of the property when doing a short sale and of course if the homes are of similar value they will be much more likely to do a 10K hit rather than a 100k hit. Trying to get a lender to go short at a 30% to FMV used to be hard but these days who knows.

In Ohio the redemtion rights end at confirmation of sale. So when the sale papers are filed that is it.
If you are getting a loan the lender will require a title search about 200.00.
A short is your best bet because even though all the fines and legal charges have been accumulating the lender will normally go short to keep it from going into inventory.

Your best bet at this point is to try to contact thet owner and work out a short sale. You will need to have financing in place and be ready to close quick if it needs to get pulled from the sale.

Thats my thought but the State mandated minimum bid only comes into play on tax sales. On forclosures the plaintif has to bid at least the judgement amount.

Ben where did you get the minimum bid price at?

If you really want the property offer them more than what it is worth and keep going up until they say yes. Everything has a price.