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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing 1st being sued.... Posted by Z.H. - Nor Cal on May 06, 2009 at 2:47 PM In Reply to: Re: Foreclosing 1st being sued.... posted by Z.H. - Nor Cal on May 06, 2009 at 2:42 PM : JK, may be I should have explained myself better. Normally I would not pay face value for a note that isinvolved in litigation. : But with this one, the note amount is a very low LTV based on current value. : Note amount is 250k, needs 100k, worth over 900k on a very fast fire sale once work is done. : Over 100% ROI if I paid cash for it. I usually use a HM lender to pull cash out once bought at sale so the ROI would be based on about 175k out of pocket : looking at around 490k in net profit after agents commissions for basically 175k out of pocket. not a bad deal. : the 120 days comes from knowing my market, i can have it done fixed, sold and closed in 120 days with a 900k resales price... : so ROI is actually far higher than 100%, was just stating its a good deal if a deal can be made. : So, there is the explanantion. Nothing has been recorded regarding the litigation no les pendens etc). Cant find record of any civil suit filed either, : so its possible that the borrower/owner hasnt filed suit yet or may not, I said there was a lawsuit becuase that is what I was told by a mutual friend of lender and I : So, lets set aside the reasons why I want to proceed, if I were to what do you think the best option is? ----------------------------- To be a little more clear, my goal here is to end up with the property for as close to the 250k note amount as possible. That seems to be a given but just to clarify... Follow Ups: Re: Foreclosing 1st being sued.... JK (the other JK) 3:16 PM, 05/06/09 (5) Re: Foreclosing 1st being sued.... Z.H. - Nor Cal 3:27 PM, 05/06/09 (4) Re: Foreclosing 1st being sued.... Spencer 3:47 PM, 05/06/09 (1) Re: Foreclosing 1st being sued.... jc 5:36 AM, 05/08/09 (0) Re: Foreclosing 1st being sued.... Z.H. - Nor Cal 3:47 PM, 05/06/09 (1) Now we are seeing eye to eye. Yes cut a deal with the owner (nt) JK (the other JK) 4:11 PM, 05/06/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : JK, may be I should have explained myself better. Normally I would not pay face value for a note that isinvolved in litigation. : : But with this one, the note amount is a very low LTV based on current value. : : Note amount is 250k, needs 100k, worth over 900k on a very fast fire sale once work is done. : : Over 100% ROI if I paid cash for it. I usually use a HM lender to pull cash out once bought at sale so the ROI would be based on about 175k out of pocket : : looking at around 490k in net profit after agents commissions for basically 175k out of pocket. not a bad deal. : : the 120 days comes from knowing my market, i can have it done fixed, sold and closed in 120 days with a 900k resales price... : : so ROI is actually far higher than 100%, was just stating its a good deal if a deal can be made. : : So, there is the explanantion. Nothing has been recorded regarding the litigation no les pendens etc). Cant find record of any civil suit filed either, : : so its possible that the borrower/owner hasnt filed suit yet or may not, I said there was a lawsuit becuase that is what I was told by a mutual friend of lender and I : : So, lets set aside the reasons why I want to proceed, if I were to what do you think the best option is? : ----------------------------- : To be a little more clear, my goal here is to end up with the property for as close to the 250k note amount as possible. : That seems to be a given but just to clarify... [ 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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