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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Can I close a pre-foreclosure deal in the next 4 days? Posted by Chris_CA on May 11, 2003 at 10:52 AM Background: I received a call last night off my ad from a guy who's friend is in jail. His friend's house is in notice of default and the trustee sale is set for *this Thursday*. I don't have all of the information I need as the owner can't be reached in jail. I haven't been focusing on the pre-foreclosure business, so I don't know all that much about it. I'd appreciate any feedback. The numbers: 1. ARV of the house: $340,000 (from my 'quick-&-dirty' comps) 2. "As is" appraisal: $331,000 (The friend provided this #) 3. Outstanding balance on the 1st & 2nd (combined): $227,000 4. Amount in arrears: friend says about 15k-20k, but doesn't have an exact amount. 4. Current LTV: 68% (if the appraisal is correct) 5. Fix-up: 15k-20k 6. Price: The owner *wants* $50k cash. It's not a deal at that price, but I'm not worried about that right now. Given the time frame of the sale, my plan would be to give him a little walking money (get-out-of jail money?) and take over the payments if the numbers make sense. My questions: 1. Is this deal worth pursuing given the time frame and the fact that the owner is in jail? 2. Has anyone worked a deal with an incarcerated owner? i.e. How do you speak with them, get power of attorney, signatures, etc? 3. Is there any way to postpone the sale at this late date? Thanks, Chris Follow Ups: Yes, with soome luck and persistence. Ward-CA- 10:31 PM, 05/11/03 (2) Re: A lingering doubt. Jim V 8:29 PM, 05/12/03 (1) Removing doubts... Ward-CA- 10:21 AM, 05/13/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Background: : I received a call last night off my ad from a guy who's friend is in jail. His friend's house is in notice of default and the trustee sale is set for *this Thursday*. I don't have all of the information I need as the owner can't be reached in jail. I haven't been focusing on the pre-foreclosure business, so I don't know all that much about it. I'd appreciate any feedback. : The numbers: : 1. ARV of the house: $340,000 (from my 'quick-&-dirty' comps) : 2. "As is" appraisal: $331,000 (The friend provided this #) : 3. Outstanding balance on the 1st & 2nd (combined): $227,000 : 4. Amount in arrears: friend says about 15k-20k, but doesn't have an exact amount. : 4. Current LTV: 68% (if the appraisal is correct) : 5. Fix-up: 15k-20k : 6. Price: The owner *wants* $50k cash. It's not a deal at that price, but I'm not worried about that right now. Given the time frame of the sale, my plan would be to give him a little walking money (get-out-of jail money?) and take over the payments if the numbers make sense. : My questions: : 1. Is this deal worth pursuing given the time frame and the fact that the owner is in jail? : 2. Has anyone worked a deal with an incarcerated owner? i.e. How do you speak with them, get power of attorney, signatures, etc? : 3. Is there any way to postpone the sale at this late date? : Thanks, : Chris 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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