Updated about 7 years ago on . Most recent reply
Note buying - foreclosure
We invest in new jersey. Buy and hold.
In our area another investor has ran into financial problems. His properties are over leveraged.
One bank has put 3 of his notes up for sale. Each note contains 6 properties. The properties in notes 1&2 have small tax liens the 3rd note package has large tax liens.
Our attorney advised us to chill and wait till the bank starts to sell the properties individually
Our goal is to own the properties in packages 1&2 or all three packages with clear title.
We went to the current owner with an offer to buy the properties subject to us getting clear title. He was on board and said he went to the bank with our offer 2 weeks ago. Now I think he is sitting on the offer trying to figure a better plan for himself
Our goal is to own the properties. We have the bank’s contact guy info.
We want to buy the portfolio with clear title at 70 cents on the dollar assume tax issues at 10 cents on the dollar settlement etc 3-5 cents.
Basically we want the bank to take a 50 cent haircut.
The loans are non performing as of August 1 2018
Appreciate any advise