A lady just called me and her house is up for forclosure on TUESDAY the 29th. Is there anyway I can take this house sub2 and then negotiate with the 1st and then the 2nd. I know the 2nd will negotiate but will the first negotiate on the money needed to bring it current ($17,000). Below are the numbers and I know it’s possibly to late to do anything but if there is PLEASE let me know, I really want to help this lady. She has been through ALOT in the last few months with the house and her ex-husband.
I know I can negotiate the 2nd and the contractors lein, but is there enough time to do anything for her.
Any advice will be greatly appreciated.
215,000 Apraised value
123,000 First mortgage
28,000 Second mortgage
20,000 Tax Lein
20,000 Contractor Lein
John,
Who is foreclosing?
The first or the second?
I presume it is the first.
First, get a signed purchase agreement from
the lady for your offer price and also have a
letter of authorization to talk to the banks.
Now time is short, it may not work. But, given
that it might be a win-win, the first might talk
and work with you.
Along with the above 2 docs, also have proof
of funds at your end . Call the bank and fax it
all to them. Some banks work on friday.
If they say that it takes time for the letter of
authorization to kick in into their system, conference
the lady on the phone as well when you talk to
the bank.
Tell them you have the money and are willing to
work. What can they do?
Offer to wire the funds to them. Make sure you cover
your financial/legal base with an attorney looking over
your purchase agreement.
Given that the time is too short, i would find it
hard to negotiate with the first to cut a discount.
You can always pay a huge chunk of the 17K and
then buy time to
a) Pay the rest to the first
b) negotiate the rest, including the other liens.
Make sure you get a written agreement faxed to you
about the offer to postphone the sale. You might need
this to pass it on to the foreclosure mill attorneys.
I am not an expert, but have tried my first short sale
and here is something i learnt.
Thank you for your response, It’s the first thats foreclosing. I plan to call the bank tomorrow morning and see if they are even willing to negotiate, if they are I will then take further action and try to get this done. But I need to see if they are even willing to talk, with time so short who knows.