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Foreclosure Forum |
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Who should I talk to first?Hi Ward, Thanks for all your help in and out of the seminars. I have a situation for you and I would like your opinion on whom I should contact first. Owners are in foreclosure. As a matter of fact the auction has been set for 9/16. I am not sure if they are still living in the home (I plan to make a drive-by tonight), however, it has been on the market since 7/29 at $749,000 and appears to still be active. (Obviously the note states that the sellers are motivated to sell.) After using your net equity worksheet, I have found that the owners and I would stand to make $114K each on this deal assuming a 50/50 split and, of course, the owners' willingness to do a deal. My question(s) are, should I contact the owners first (as you normally suggest) or the realtor? The reason I think the realtor is an option is because she would be an ally for if the home does go to auction, she will lose about $45,000 in commission and I am sure she does not want to lose that kind of money. But then again, I do not want to appear as a seller to the realtor. There is no question that I am at least going to make an inquiry as the worst thing that could happen is that they say they are not interested, but I wanted to get your opinion on it. Thanks in advance.
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