All Forum Posts by: J Johnson

My brother and I made a SS offer on a property that is listed with a real estate agent that has SS experience. Supposedly, the seller and listing agent have been working the SS for a few months...the property was previously under contract with another buyer that backed out due to time constraints. The agent has supposedly recieved a verbal SS price from the bank, but no written acceptance. The seller has a 100% loan with no equity, so the bank will take a beating. We have not deposited any earnest money nor conducted any inspections, so we have zero dollars in the deal.

Today, I learn that the property has a July 1 auction date. What should we do at this point?

-Cool our heels and see if the bank approves the SS before the auction?
-Contact the attorney handling the foreclosure and try to get a deal?
-Contact the bank directly (local bank) and try to get a deal?

Thanks.

I have a client that is interested in a note purchase that fell in my lap. I have never been involved in a note purchase, but I am learning. The client will have an attorney reviewing the deal.

I do not have the loan terms at this point...meeting with the bank rep next week. This is what I do know. A builder has a permanent loan on 15 townhomes that are move-in ready. The development has a total of 50 units. Two other banks are financing the remaining units. The remaining balance on the note for the 15 units is 2.8M. I do not know the original loan balance. The title search found no other liens on the units. The note is currently performing, but will likely become non-performing. The units were originally priced at 220K/unit, but have been reduced to 199K/unit.

The bank is willing to take a huge hit on the note. My client would like to purchase the note for around 1.5M. The units will become rentals if the builder defaults.

What are the upsides/downsides to this deal?

PhoenixATL

If I remember correctly, the Maretta Daily Journal has foreclosure notices in the classifieds for Cobb County. I have never seen the Marietta Daily Journal, but I have friends that use it on a regular basis.

Rambo: First Blood was the first R-rated movie I ever saw. I was thirteen years old. First Blood would probably have a G-rating if it were to come out today. :D

Good luck!

About ten years ago, I would run newspaper ads every weekend for open houses. If I remember correctly, a single ad cost about $200. for the weekend editions. I use to make a killing picking up buyers from open houses. Then, Al Gore invented the internet! :D

Infiniti G35...so far, so good. Knock on wood!

Good luck with the new license. I am in the Atlanta area, contact me with any questions.

Eric/Jon,

The bank has requested the limited warranty deed. But, as Jon states, the request is typical for this situation.

The mechanic liens have been wiped out.

The county tax records for the properties has the titles conveyed by "foreclosure deed."

The buyers have a 15 day due-diligence, so will see if the bank has marketable title. The contract is contingent upon the buyer being able to obtain title insurance at a "regular" rate.

I have used craigslist in the past to market some bank-owned portfolios in Atlanta. I have a portfolio under contract right now with an investor thru craigslist, but I also get alot of ad responses from crackheads just wasting time.

There are real estate agents in Atlanta that post foreclosure listings every single day in craigslist. But here is the kicker, these agents are posting listings from other agents/companies...they are not even the listing agent!
These "agents" make it very difficult to search craigslist for possible deals without going crazy.