Newbie please help!!

Hey guys, I need help with a deal
customer is late 3 motnhs on the mtg, credit score bellow 500
ltv is 77 so I dont think a hard money lender would touch him, and still does not have a job.
the house is in a really good area, less than 10 minutes away from the beach
On US1 for those in south FL
balance on mtg 375000
value of the house is 485000
SFR 4bd 3 bth
I dont know what to do with this deal please help.
bank going to start the foreclosure process next month.

Buy it for $375K and sell it for $485K! Simple enough.


if I had the money i would I want to control it not own it.

start shopping for buyers and tie the home up under contract with a decent escape clause. Assign the contract to another buyer for profit or wholesale with a back to back closing or lease option the home to someone else for profit.

In the future I would shop for qualified or cash buyers, before shopping for houses. Once you know what your buyers are looking for shop for homes that fit their needs and you can be assured much success

Eric Medemar

so tie up the property with a purchase contract, and in the clause use assigment to another buyer. and a bouble closing. HOw can I close if I own the property yet? thanks.

that’s what an assignment is.

you own the purchase contract.

but that’s ALOT of money - 375k…isn’t the market sliding down their in FL?

yeah its really hard to sell here. things are not moving so fast. are these numbers not good enough? thanks

no, those numbers would be fantastic if:

they’re rock solid numbers
you can find a buyer
you can structure the contract with good clauses for extension and walk-away positioning.
you can get it under contract with like 100 or 500 bucks earnest deposit (you might lose this if you have to walk).
you can get it under contract with NO earnest money and good walk-away clause.

what about a short sale? what type of loans are on the property?

are assignments legite in FL?

if there is that much equity in the property - short sale may not be doable.

i’m just thinking out loud.


The only thing I can not see addressed here is

“What does the homeowner want to do?”

It has been our experience when dealing with (some) of these homeowners, that they are in complete denial about their situation. They didn’t get a credit score below five hundred and have their house going into foreclosure by aggressively dealing with their problems.

We’ve watched as people have literally been escorted out of their home by the sheriff because they have refused to acknowledge their situation. All the while, we have been there offering a way out.
Some are so stuck on what they “want” out of the deal that they lose even what they “need”.

So … the question is what do they need out of the deal. And what do they want out of the deal? Are they willing to work with you?

Good luck!

if you don’t have a buyer or you don’t know how to find one quickly, i think that the best thing to do here is(if all the numbers work) get the deed and get those back paymts caught up then reatail or l/o.

what is getting deed called? can I go to an RE atterney adn have him strucuture deal? thanks.

birddogz - i like the site.

what’s your share of any submittal that gets closed on?