All Forum Posts by: Audrey C.

Awesome - Thank you, Chuck and welcome to BP as well. I definitely need to have my website up and going.

Thanks Adrian - Welcome to BP. Greater things are ahead for you! You can do it!

Hi James,

I think she knows that the property is not worth the $210K, but just threw out a price to see what my offer was, but I will definitely keep that in mind.

I should be talking to her on Wednesday, so will see how things pen out.
Thanks so much!

Hello BP,

I have a potential deal from a Probate, but need some help determining its value and what to offer to the homeowner, who is right now very motivated to sell.

This is a 3/2 (originally a 4/2). Homeowner is asking for 210K, but property appraiser's has valued at 158K.
Very little rehab needed. Roof needs to be replaced; bathrooms may need facelift, but not necessary for rental.
Square footage 2,724 on 1 acre land. Excellent livable condition. Great neighborhood.

The homeowner does not wish to provide the mortgage balance, but has stated that her monthly is $1,100. Only voluntary HOA of $10/yearly.

Thanks for all your help.

Okay, awesome - will start a new thread. Thanks, Edward.

The homeowner does not want to provide the balance. Could it be there is none or not much left?

Thanks, Jimmy...here are the details that I have:

The will stated that the property is worth 185K, she was requesting 210K, but not sure of the value and mentioned that a friend was selling hers for 235K. I mentioned to her gently that with the market now, housing prices has decreased - she agreed.

The house is in excellent condition from the looks of it, well - maintained. The bathrooms could use a face-lift, but not necessary for rental. A good cleaning service could put a touch on it. She mentioned that the roof needs replacing (was replaced in '72, she has lived there since 1990), Kitchen remodeled with new cabinets and tiles replaced.
Master br w/walk in closet and bathroom
Detached fireplace
Attached car garage - Double cars
Fenced in pool, with jacuzzi attached
Irrigation system, central air
Square footage 2,724 on 1 acre land
A voluntary HOA Fee of $10 yearly.

Excellent neighborhood.
Nice land space

I looked at the property appraiser's site and the land is worth 90K with the assessed value for 2010 is 158-ish. (not sure if I should be looking at Assessed Value or "Just MarketValue)

I took a few pictures, the lighting was a bit dark in the 2 extra rooms, but got a few shots.

I hope this helps. Now, I know nothing about roofing, but I'm sure this may be a little expensive.

I'm going to check my formula and see what you think, but can you suggest a reasonable figure? I'm confirming with her what the remaining balance is.

@INV - thank you. I'll try to do my best.

As promised, here is my update from meeting with the Homeowner today. She was ready to talk and very motivated to sell.

The home is initially 4/2, but is now converted into a 3/2. Everything is in very good condition. I am not sure if I am to say what the details of the house entails, but hope that someone can guide or correct me on this if I may, but I'll hold off until I receive a confirmation.

I know I would now need to determine a value....monthly pymts are current and at $1,100.

I need help with my next step. Still nervous...

Btw, she knows few other persons who are interested in selling their home, so I left my business card with her.

Side note: I felt her pain for a moment. At one point she buried her face in her hands and I couldn't help but think about her being in the home by herself with so many years of memories. I felt like I really wanted to reach out and give her a hug, but I just listened. I told her I was not giving her a contract to sign right away (even though I had none, but I went with that intention), but would determine the value and talk to her this week. Just when I told her that I thought she'll perhaps change her mind when I call back this week, but I left thinking that if I'm the one to help, nothing can change that. Needless to say, I left with mixed emotions but feeling empowered that I need to do this!

Any thoughts greatly appreciated. Thanks.

@ invmatchmaker - Thank you, and l will update once I get back. Welcome to investing as well.

@ Jeff - Thanks for the feedback.

Hi everyone,

Sorry if I'm bumping anyone's post, but I'm still trying to navigate around the site.

I really want to share/give my latest update since I'm also new to the Investing world. I have my mailbox address set up; put AD on CL and received response; have mailed to (only a) few foreclosure list and I went to the Courthouse last week looking at Probate deals on 1/5/11 and in all of Seminole County found it hard to believe that 7 people died since then. Anyway, I didn't go too far back because I was on my lunch hour.

I only found 3 names that had some type of information, but only mailed to 1 person who had property. Alas, the PR who is also wife of deceased) called this evening and will be looking at the property tomorrow.

Any pointers on what I need to look for? Very nervous now....

Thanks, James. It is now 38 degrees here today...but hopefully it should warm up soon.