We received a call from a distressed caller!

Go 4 it!Dig thru all the info u can. u will put the deal thru!!!

God bless,
Serena

Just be yourself and make that call!! go go go!!! LA

what is the deal all about. Gotta have some facts brother to give some advice.

We are in shock!!! We returned the call to find out that the caller owes $84,000. He claims that there are no liens, judgments or 2nd mortgages against the property. It is a 2 story, 3 BR, 2 BA with a 3 car attached garage on nearly 1/2 acre that needs no work!! This seems too good to be true!! The assessed value is $224,500!!!! We are considering offering to do this deal with a quit claim rather than assignment of contract. Also worth noting is that the property is NOT in foreclosure but pre-foreclosure.

Any suggestions would be extremely helpful. We told him that we would get back to him in a couple of days which would be Saturday. This is our first deal and we just don't want to do the wrong thing!

Thank you!!

Denny and Gina

This sounds like a killer deal! You need to find ot if he is behind on his payments, so you can try and get him caught up before things get too far down the forclosure process. Is the buyer wanting you to take it for what is owed? Are you thinking you will buy yourself @84K? Are you going to wholesale it? Are you going to lease option it? You need to find some buyers. I would start by running a ghost ad on Craigslist that is VERY generic, so as not to give away too much informatiuon. If you want to wholesale it, you can put Investor Special! 3/2 on large lot, minimal work assessed value 234,000. Will sell for ???? and put in your price based on what you want to make, remember to leave some meat on the bone. OR if you want to lease option it you can get the owner caught up negotiate a payment to pay him with your option to buy being the remainder of mtg. Then run ad saying 3/2 large lot, low option fee and x per month. Then you can use the option fee to get your seller caught up, you will collect more from tenant/buyer than you are paying the seller and when tenant/buyer buys property down the road you pay off seller and pocket the differnce. IMPORTANT: due your due diligence regarding clear title and liens. Good Luck we are all pulling for you.

Cathy

Ok guys, first you must decide what you plan to do with the prop. Buy and hold, retail, quick flip meaning assign. Just curious, why do you want to quit claim? What does the owner want? Why is he see selling. He has a good amount of equity. What makes him distressed? Does he just want to sell? Does he need cash? Did he lose a job and is trying to get out of trouble before he gets into it. I think you need more info guys. So you can better decide what to do with this potential deal. I believe a great deal can be worked out if you know his needs, so you can plan how to make some money from this deal. Talk to him some more ask him some of the questions I just asked. If you wonna flip, offer him 120 cash or 115 even , sell for 130 to your buyer. Make 10-15k. This guy can pay his debt and walk away with 30-35k of his equity. Your buyer can put 10k to fix house and sell 230-240 and make 40k or more. either way its a win win. I would like to hear a deal happen guys. I have not gotten a deal yet and I am getting close. So call and make an offer for that amount guys, get it on paper and make some money and get ya first deal done and let us know right away. We all want to know about it ok. Either way good job and be cool.

Justin is right. You need to sit down and create a game plan. You have a bunch of options here, so make a right move. Questions, questions, questions. Look up pre forclosure in some past threads. It is a long process, so your moves have to be right. Would he take any money just to walk away from this house? Just a thought where I am going with this. Get back to us....Jan

Its true what everyone says you need to know more of the situation so you know what ur working with.The homeowner may have gotten the idea for a quit claim from anywhere and thought thats what he needs to do to get out from under this property.Just an idea...Looking at the numbers he owes $84000 and FMV is $234000 you can get this property for 47% of FMV.Why not get ahold of coastal funding and do a double close.Buy from him at $110000 close.Sell to your buyer at $140000 ....(once you find a buyer) He will be getting a heck of a deal at 60% FMV and will be drooling for more deals from you in the future.And you walk away with a fat check for $30000 for half a days work. Dont forget home inspection/title search etc.Good luck with all your deals!

Great opportunity. Good advise here on the forum. Sounds like you belong to the Success Academy. Call them every day for step by step guidance! Use the expert resource you have!

Congratulations on what sounds like a great opportunity. I hope this deal goes thru for you irregardless; and sounds like lots of opportunity for a win/win. I wholeheartedly as to Asking more questions: Why is he selling? What does he want out of this? etc.. I like the idea of wholesaling and take a $10000 profit and let your endbuyer get the big profit? Why? So he/she will now be your endbuyer for future deals because of the great equity here;and you've just started a long-term profit road....and built a great relationship

We should also in making it a win/win situation, have some consideration for the seller. He is already in a bad position, do not make it worse. The equity potential is phenomenal. At least let the seller off the the hook with some peace of mind and dignity. In doing deals, we also have to be ethical. Make an offer and go for the gold. "Action speaks louder than words." It is time to act. God Bless.

Sandra

WOW,

I LOVE THIS FAMILY. I'm a Newbe and watching everyone jump in to help like this is sooooo UNBELIEVABLY AWESOME!!!

JUST HAD TO REMIND ALL OF YOU HOW GREAT YOU ARE..THANKS TO DEAN WE HAVE THIS FAMILY!!!

EVERYONE THAT TAKES ACTION CANT FAIL W/THIS FAMILY!!!!

Sandra is correct, Try to make it a win/win for you and the owner who is reaching out to you. It is a terrible situation for him but an opportunity for you. Maybe you can find an end buyer and do a double closing and set the owner up with a few bucks to get restarted somewhere. Thats just my opinion. I remember once that someone (I think from here) actually paid for a moving truck and a months rent for the owner.

good luck
Richie.

There's a lot of meat to share, divide it 3 ways,with
distressed seller, you ane end buyer, win win win.
What goes around, comes AROUND. Just my thoughts to share.
With all the information, other family members shared, i'm
confident you both will make the right choice, congrats on
your find, and god bless you.

George41

Do you have any more details, have you spoken further with the seller? Keep us posted.

Jeremy

p.s. That is a nice bike you've got there on your profile picture.

Thanks to all of you for your suggestions and input! We are in contact with the subject and we will be going to look at the property soon. The property is about 150 miles from where we live so we're trying to make the most out of each trip.

We definitely see the win/win/win in this situation and we will not leave anyone feeling like they didn't win. It is amazing how these opportunities appear when you least expect them and that it takes very little effort to find a truly amazing deal!

Thanks again for all of your help!!

Denny & Gina

This looks like a great deal as everyone as said. I am a newbie and looking to get started doing exactly what you are doing. This just gave me more incentive to get started. I have been afraid to make a wrong move and have not done anything. And as everyone has said just do it!!! So I am reading more here and am going to make a plan on what I want to do and how to get buyers/sellers so I will have them when I find a deal.

It is great to see everyones input. Now I know where I can come with questions.

Good luck to you and make it a win-win-win situation.

Good luck on ur deal!!

You have plenty of room to allow him to have some of his equity, make your profit and your end buyer. Let us know whats happening wiht this potential deal.

The first deal is always the one you will remember. It can be very sweet or put a sour pit in your stomach. I perform my preliminary due diligence by researching various types of public records to investigate a property and its owner. Traveling 150 miles is quite far to just look. Your time is money. Since you are in contact with the owner ask him for the property pin #. Have him email and fax whatever you need. Have him include impotant interior pictures. Not just the landscape. The $$ numbers seem way out of balance, unless somebody fell out of an accepted short sale situation.In any case fax and get a contract signed with an escape clause just in case. You don't want somebody else walking away with yor lead.

1. Google the owners name, google the street address. You can be amased on what comes up sometimes
2. County recorder of deeds
3. County assessor
4. County property tax collector
5. Crime rate
6. Demographics
7. Environmental hazards (city, county)
8. List of sex preditors in area
9 Sometimes a fast title search helps.
10 search the property on totalviewrealestate.com and on trulia.com

If the records aren't available yet on line, contact the property appraiser's or assessor's customer service department to see if they provide property record information over the telephone.

After you finish the simple stuff go and inspect the property.

If all things point in the right direction you should be happy campers knowing you did it right.

Good Luck
Andre S.

hey guys have faith I am new here u give me a lot of inspiration to get started . god bless

hey guys have faith I am new here u give me a lot of inspiration to get started . god bless