OfflineHi,
I'm new to the website and Real Estate. I just finished DG's Profit from Real estate Right Now, and have never been so exited to make extra cash in my life than after seeing DG on TV and the website.
I was eyeing a Short sale property and gave an offer on that one, but did not hear back from bank for 3 months, so my realtor asked me to let go. I guess I felt short on my efforts.
Now there is another property on the lane that i stay is going into foreclosure. I want to get that property and hold it. The renters staying in said there received a letter from the bank - 3 weeks notice. Since I'm traveling on my job (I travel every week), my wife had a conversation with them at school bus stop and asked her to get the contact info from the letter. not heard from them yet.
I want to move in fast and close the deal. How do I talk to the RIGHT bank person to get this moving. I know for sure that current loan outstanding in less than the sell price of the house and want to take over the loan, if possible or tell the bank that i will pay the loan amount and any back taxes.
I'm very sure this is GREAT deal and do not want to let go. This will also be my first!
please give me your inputs so i can move fast and close this in 3 weeks if possible.
Cheers!
AndyD
Andy,
Until the bank completes the foreclosure, they won't own the house and won't talk to you. There are all types of privacy laws that forbid them from giving you any information with respect to the foreclosure. However, there is a tiny possibility they would talk to you about buying the note, but it is a long shot.
Your best bet is to talk to the seller. Since there is still some equity left in the property, and it sounds like the owners aren't going to be able to come current on their loan, they may look at any offer you make favorably. If you can work out a sale, especially not a short sale, the bank will probably work with you to get a new loan and pay them off.
Make sure you have good comparables, know what needs to be fixed and figure out the cost to do them, and then calculate the estimated after repair value (ARV). Know that information before you sit down with the sellers. Find out what they owe and then you can compare the ARV with the balance of the loan on the house. If you can get the property for a large discount, you should go for it.
Good luck.