OfflineThe only living owner to an amazing preforeclosure is in jail and won't be getting out anytime soon! Has anyone experience with this type of situation?
The attorney isn't replying to the letters I sent.
I have an idea about getting to the mortgage company but do I tell them the situation? Does it hurt me or help me as a potential buyer?
I'm not sure what position to take and time is ticking by as I procrastinate. I've watched this property for a long time instinctually knowing it was an opportunity arising. I researched it and found the amazing story behind this property learning I had great instincts once again and I'm determined not to let another one of my instincts be bought up by someone else. It's time to stop testing myself and make a deal but as luck would have it, this is the one I start with!!! UGH! Everyday I drive by and others are starting to sniff around. I want to be the one who gets it. Please share your experience and help a newbie break the ice.
Thank you all so much in advance!
Sheil
Does the owner receive mail in jail? You could ask if he wants to sell. I am sure he is NOT highly motivated so you will have to talk a sweet talk. Is there any equity you can offer him?
How much is needed to bring the mortgage current?
What is the pay off amount.
What is the ARV?
How much rehab/remodel is needed to bring that ARV? What is the cost?
Find this out, make an offer if you can get in contact with the owner and on to the next one.
Worst case you can offer on it at the auction or when it becomes a listed REO.
Just my thoughts.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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I don't know the answer to payoff without getting permission to talk to the mtg co first from the "owner".
It's a beautiful modern colonial with some "abuse" damage but basically it's upscale and nice so the rehab is minimal.
Lots of land in a very desireable neighborhood
Great rental or flip
You are right about being sweet. His crime is cause for lifetime so perhaps it's just not worth it. You ROCK!
Sheila
You might want to just wait for the bank to take it back. Then buy it when the bank puts it back on the market. I've done that a few times in the past (less headaches).
You have to have the owners permission to get any info from the bank regarding his loan pay-off. He also has to sign a purchase contract in order to start to negotiate a short sale with the bank.
Don't get too attached to this deal. That has a tendency to get you in trouble. There are always good deals available. If this one goes away, so be it.
Good luck,
Jim
You have to take the prison economy into consideration. They have a commissary where the inmates can buy jail approved radios, tv's, flip flops, food, cigarettes, etc. This fuels the inmate economy. You might want to consider cutting a deal where you deposit $100 or so in his account every month for a couple of yearsto help seal the deal.
Hi why not contact the jail he is in and see if you can get time to talk to him, dont hold back do something to get this going and you will see if it is worth your time, get going, Jim
jbischoff
Wow, so many amazing encouraging posts! I am truly touched by the help! I thank each and every one who commented. I do believe I could get this property cheap but do I tell the bank the circumstances if I do get him to cooperate? If they know they have no chance of getting paid by the borrower and are going to have to spend a lot of time and money foreclosing are they likely to deal or.....? I hear the banks are really dragging their feet though and dragging out the process for months. That's discouraging to me.
You are right Jbischoff... I need to know.
TRSD...I thought I might make him ask for that so he feels he's getting something he wants but you are right about wiifhim
Thanks Thomas Meier. I see your point.
Jbezoski you are also right.... I'm not attached but totally stoked about this deal. I'm excited I guess because I saw it coming.
Thank you everybody. I'll keep you posted as I proceed.