… to an investor to entertain?
FVM $310K
liens
1st 170K
2nd 55K
cash needed to complete job 60K
the builder/owner of prop. is 4 mos. del. on both mtg.'s and just wants to avoid FC
is this a good find? wouldn’t the bank give this away for a song?
50-55%?
thanks for any feedback
Go for it. As long as the builder’s financials don’t show that he’s making a ton of money you’ll probably get a deal. You’ll never know unless you try.
considering the nature of this mess, would I get cackled at and hung-up on by the Loss Mit. rep if I offered .45? If you think so, what would you recommend initially to keep her/him on the phone?
From my experience, always go looow. they would say not or it’s too low to consider. In which case, you can ask them what is a reasonable starting point. Or you could just raise it a little more.
I did one where the borrower owever about $394K. I offered $205K. They told me that’s unrealistic. That they needed minimum of $313. I submitted another offer for $263K At that point, they asked me that if I could bring it to $285, they would approve it. I did, they did.
The sad irony is, I may not enjoy the fruit of my labor here. the owner who called me, never told me that he had an agent working on the deal. In fact, I asked him if the property was listed? He said it was, but he was no longer working with them. Well, guess what, 2 weeks before closing, which would have been yesterday, an agent called me and said he was the listing agent. mind you this had been going on sine July/August. Apparently he signed the listing agreement with the agent about the same time he signed with me. The agent is threatening to sue him. He claims he has an offer for $330. I offered to assigned my contract to his buyer and pay him his commission. He refused. Now he is suing the seller and naming my company in the law suit.
The seller is playing double hands. It seems like I might just have to file a law suit againt him as well.