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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Smells like a deal in here. Posted by Ward-CA- on January 16, 2002 at 10:33 PM In Reply to: Re: Smells like a deal in here. posted by Ward-CA- on January 16, 2002 at 7:40 PM : Hi Ward : I'm sorry I have so many questions but your answers are very helpful. I received a call from a trustor that I sent a letter to. It sounds like he will just about give the property to me maybe for a $1000 or $2000. He has a 1st with a balance of about $42,000 and $2,830 in arrearage that filed nod on 1/4/02 and a 2nd with a balance of $50,000 and $3,208 in arrearage that filed nod on 1/16/02. He owes $600 in property tax. If I paid the $2,000 the equity would be $9,362 I think that is not good enough. The condo is vacant and the trustor will not come up with the money. Should I try to buy the 2nd at a discount and then make a deal with the trustor or walk away or is it to soon? Thank you Bryan =•=•=•=•=•=•=•=•=•=•=•= Bryan, you don’t include a vital bit of information—what’s the fair market value of the property? It sounds like it’s an entry-level residence, which in this slip-sliding market is about all that’s selling quickly. What city is it in and how old is it? How many total units and what amenities? Frankly, I think you might have a good deal here. I don’t think anything can be hurt to try to buy the 2nd at a discount, but do you have the bucks to buy it at a lower price? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward : : I'm sorry I have so many questions but your answers are very helpful. I received a call from a trustor that I sent a letter to. It sounds like he will just about give the property to me maybe for a $1000 or $2000. He has a 1st with a balance of about $42,000 and $2,830 in arrearage that filed nod on 1/4/02 and a 2nd with a balance of $50,000 and $3,208 in arrearage that filed nod on 1/16/02. He owes $600 in property tax. If I paid the $2,000 the equity would be $9,362 I think that is not good enough. The condo is vacant and the trustor will not come up with the money. Should I try to buy the 2nd at a discount and then make a deal with the trustor or walk away or is it to soon? Thank you Bryan : =•=•=•=•=•=•=•=•=•=•=•= : Bryan, you don’t include a vital bit of information—what’s the fair market value of the property? It sounds like it’s an entry-level residence, which in this slip-sliding market is about all that’s selling quickly. : What city is it in and how old is it? How many total units and what amenities? : Frankly, I think you might have a good deal here. I don’t think anything can be hurt to try to buy the 2nd at a discount, but do you have the bucks to buy it at a lower price? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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