Posted by Edward Nolan (Ohio) on December 06, 2002 at 01:08:40:
In Reply to: Re: Get Running B-4 It's too late... posted by Dan on December 05, 2002 at 14:03:36:
Dan,
Sorry, what I meant to say was, since you have 14k in equity, you could accept a check from the title company at the time of closing for any figure up to the amount of 14k. You can realize this profit (if the numbers work), even if you made the purchase yourself with a conventional loan, not necessarily "if you sell". Although, you could sell, and potentially if you ask for more than the fair market value of the house and you get a buyer to buy it above value they would have to put a bigger down payment at purchase to get the value in line for the bank to finance, but, you now potentially make even more than the 14k.
About contacting the owners... go to the home. make several trips if you have to. Different times of the day. talk to the neighbors, tell them you want to buy the house. Ask them how to get in touch with the owners. Where do they work...etc.
Also call the county sherrif and tell them you want to know the "Prayer Value". You might have to give them the parcel number off the notice of foreclosure you have. The Prayer Value is the actual amount the bank is foreclosing on. You never want to pay more than that amount. If you do, it goes to the bank as free money.
If you don't get the owner, while you are on the phone with the county, ask them to tell you where the tax bill is being sent. Get the address, it's usually to the bank that did the financing. Get the phone number to the bank, the county has that too. Call the bank ask for the Loss Mitigations Dept. or the REO dept. whoever answers in the department immediatly tell them you want to fax an offer in writting to purchase the home, who do you I need to talk to. When the person handling the account gets on the phone they wount be able to disclose any info on the account due to 3rd party disclosure laws, unless you have authorization from the current owners. If you get the owners at home call the bank from their home. Get the fax number and then send the fax. I usually write in the fax that "This offer is contingent to owner giving a grant deed prior to being foreclosed as well as clear title."
Hit the bank with all you have, even if you have to call 5 times to get the right person or even a superviser. Push Push Push.
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