InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosing 1st being sued.... Posted by JK (the other JK) on May 06, 2009 at 3:16 PM In Reply to: Re: Foreclosing 1st being sued.... posted by Z.H. - Nor Cal on May 06, 2009 at 2:47 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... If you buy the note, what's to stop someone from bidding it to $700K+ -- assuming the property is truly worth $900K? Follow Ups: 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... : If you buy the note, what's to stop someone from bidding it to $700K+ -- assuming the property is truly worth $900K? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455