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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Good deal? Posted by art on August 15, 2003 at 2:46 PM In Reply to: Re: Good deal? posted by Gary on August 15, 2003 at 10:00 AM : : : Ward: : : : I have a question involving a BK. After some research downtown, I was able to reach the owner of a third position lien. The default is on the second, and there is a fourth. There is substantial equity in the property. The problem (I'm guessing) is that the homeowner filed Ch. 13., according to the lien holder of the 3rd (a lawyer himself). When asked if he'd sell, he said he would prefer to wait and see what they work out in the BK, and maybe receive some sort of payback. On the other hand, he would seriously consider selling it for the right price. I gave him a low offer, and he just laughed. So, it's obvious he may want at least 1/2. The principle loan amount of the third is $17,500. : : : Is this to complicated for a newbie, or are there ways to make this work, taking the BK into consideration of course? : : : Also, a BK does automatically cancel the sale, right? : : : Thanks : : : Gary : : What are the numbers on the entire deal? - loan amounts, other liens, property value etc. I can tell you pretty quickly with the right facts : : art : Art: : Thanks for the response. The numbers are the following: : 1st 198K : 2nd 55K (default amount $6K) : 3rd 17,500 : 4th 22,880 : The FMV looks to be about $325K. Like I said, the BK appears to have been filed just recently so there's no details of what's happening. See what you think. Thanks : Gary : My recommendations: Track the BK and if it looks like it's going to be thrown out, approach the jr lienholders for a deep discount and once you have them contact the owner and make your offer. Good Luck Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Ward: : : : : I have a question involving a BK. After some research downtown, I was able to reach the owner of a third position lien. The default is on the second, and there is a fourth. There is substantial equity in the property. The problem (I'm guessing) is that the homeowner filed Ch. 13., according to the lien holder of the 3rd (a lawyer himself). When asked if he'd sell, he said he would prefer to wait and see what they work out in the BK, and maybe receive some sort of payback. On the other hand, he would seriously consider selling it for the right price. I gave him a low offer, and he just laughed. So, it's obvious he may want at least 1/2. The principle loan amount of the third is $17,500. : : : : Is this to complicated for a newbie, or are there ways to make this work, taking the BK into consideration of course? : : : : Also, a BK does automatically cancel the sale, right? : : : : Thanks : : : : Gary : : : : What are the numbers on the entire deal? - loan amounts, other liens, property value etc. I can tell you pretty quickly with the right facts : : : art : : Art: : : Thanks for the response. The numbers are the following: : : 1st 198K : : 2nd 55K (default amount $6K) : : 3rd 17,500 : : 4th 22,880 : : The FMV looks to be about $325K. Like I said, the BK appears to have been filed just recently so there's no details of what's happening. See what you think. Thanks : : Gary : : : My recommendations: : Track the BK and if it looks like it's going to be thrown out, approach the jr lienholders for a deep discount and once you have them contact the owner and make your offer. : Good Luck 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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