All Forum Posts by: Lisa Dedrick

Hi Community,
I have a property that I am working on in Northern California. So I look to you all to help me figure it out. I am just stumped and I thought with all the knowledge out there you may have some ideas. Here is the deal,
The approx. total loans are 1st: $530k, 2nd: $106k. Just add closing costs to that. Whatever doesn't come in to pay off the balance is what the deficiency agreement will be. It's the MI company who is the problem and they really don't care if this deal goes thru or not right now. They will most likely deny the claim from the bank and so they aren't out anything anyway. They don't really care if it goes into foreclosure because they don't loose anything if they deny the claim.

The bank (Wachovia) won't give me access to the MI company (Old Republic).

I am working with the realtor on this deal as suggested by you all. The bank will not give her access to the MI company either. She is bummed out too. Is there something the seller can do to help us she asked me?

I told her the house is upside down we might be better off waiting for the house to foreclose and then have her submitt my offer to the bank the same day it forecloses, even give the bank the offer before it forecloses. She said the bank is totally aware that the house is upside down and in need of a ton of repairs and they want a deal.

Thanks for your help in advance. :roll: :oops: :lol:

Hi Everyone,
Im Lisa I have spent the better part of 15 years working for high powered investors and pools of investors. Now I work a day job have good credit make good money and I am scared to death all of a sudden.
The market in Northern California is not cheap.
My 401K is now a 201K But I had an idea and I wanted to run it past you all.
Can I max out my credit cards for my down payment?
Do I try to find a seller who will carry the down?
I bought houses all day long for these investors to the point where I have an LLC that is doing nothing.
I have a loan in place i just need an address...

Hi Bernie,
My name is Lisa and I just joined a few hours ago.
I am new too but I have been reading this web site for a while now.
I finally found other people that think like me. What do you mean 500k FOR THAT! you mean 250K and Ill pay cash and we can close in a week or two.

These and all of you are my kind of people. :):):)

Welcome :):):):)

California realestate prices are falling so quickly that Zillow sent me and a few other SF bay area investors an email stating that our ZILLOW prices might be incorrect for the next 6 weeks while we compute the new declining market values. You can compare a Zillow to an asking price and be way off.

The laws for lease options has changed a lot. Started in Texas about 3 years ago and now has hit Sacramento. To prevent a homeowner from loosing the property to foreclosure while in a lease option agreement (this situation has been in the papers in San Diego as of Monday this week) The laws are changing again so just keep your eyes open to stay in line with legal requirements of your area. In San Jose you can buy a house yourself for what it would cost in a lease option.
Contract for Deed is popular here now and well its hard to make money on the deal if your deal goes to the court house steps. Upside down is upside down.
In this market (Silicon Valley CA) we who have been around the block know its time to find the deals and hold them for a while. Cheap now big gains in say 7 years.
You all are great fun and wonderful food for my investor brain. God I just can pay retail hahsahah.

I want to knkow who to call at the bank level to just buy the darn houses from them directly. I have spent some time a thte web sites and nothing but agents.
Over priced because the market is falling like a brick. I have experience but i just want to go straight to the REO department. Can someone tell me how to do that?

Thanks Lisa :lol: :lol: :roll: :mrgreen: :mrgreen:

Hi All,
I am new to you but been at this foreclosure game long before it was cool. :roll:
This is my problem and maybe you all can help me see the light!!
I found a good deal The house is a 3 bed 2 bath and short sale on its way to an REO heres why.
The house is a really big mess. None the less over PRICED!
Now the bank wants to play ball says the agent listing the property. I tried to get direct to the bank but on this one ill let that go.
2 people have made offers bank wants to play ball and sell but the MI company thinks there better than the bank and should not have to take a hit or eat any costs.
So here comes Lisa--My idea sick my lawyer on the MI company and have him lean on the MI company to either reduce or get out of the way because a foreclosure will wipe you out anyway.
Man am I frustrated. I have been around the block with the foreclosure process and for me it was a pretty easy game. But this Shortsale is a real bummer.

HELP looking for Yoda!!!!