Posted by Edward Nolan (Ohio) on December 07, 2002 at 18:33:59:
In Reply to: A diamond or a chunk of coal?? posted by Dan on December 07, 2002 at 12:41:45:
Dan,
Tell you what I'll do, I will make a fax that you can use. I'll post it on my web site and then I'll come back to this forum and give you and everyone the URL to it. It will be probably within the next 12 hours. Other than that it's just a simple letter you put together and fax over.
When you talk to the son in law, ask if it went to sherrif sale yet first!
Find out the amount past due!
Find out the bank name, account number, and phone.
Ask if there's other liens or check with the liens department.
Ask him what the payoff is (roughly).
If there's still time before sherrif sale you could do a grant deed with them. You can get a copy of the grant deed from this web site we're on now. They have a section that uses PDF and it's all fill the blank.
Call an aprsr and ask them to give you a rough aprsl for free over the phone to give you a better idea what it may get aprsl wise.
If he says it's close to 50-55k owed I would still put in a fax offer for what you think it's worth requesting they recheck the property. After this, if they come back still at arnd 50k and it hasnt gone to sherrif sale, you could do a 4 or 6 year lease option with the current owners. The lease option would be for the same amount they paid monthly and use the 45k figure you want to pay. They gave the property up, It's vacant, you would be doing them a favor with this offer. Tell them you would be doing them a favor! Saving their credit and a judgement etc. Then immediately find your buyer and do the 2 year lease purchase with them. Only charge them $200 more than the current monthly and tack on 20K to the sale amount in the contract. The sale amount would be the amount the bank says (like 55K). So the sale amount in the contract would be 75K. The new lease purchase people in the home will now fix it up and take care of everything for you. Even if they do not buy the home, you have a home in better shape now! Now comes the best part. When the people you are leasing it to make the actual purchase, they buy it at 75K. They can do this anytime within the 2 year period. The old owner would have to pay 10k to get out of the contract unless it was reduced over time through the payments. He would know this when you first contract with him. This amount could also be zero, a real favor to him. But, you would dip into your profit now. This is due to the agreement you made with them was for 45 and the bank balance is 55. When the new owners bank put's up the 75K you now potentially earn 35K instead of 25K like we originally said. If in your contract with the current owner you let them off the hook and you choose to pay the total 55k you'll potentially earn 25k.
I hope it hasn't sherrif saled yet!
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