All Forum Posts by: Cliff Durrett

make offer

Anyone else?

Mike, I emailed you

I have an REO t/a value of $98k, comps @ $178k ARV
Asking $60k as is
PM me for details, address etc

Sold as is, vacant, has taxes owed etc
Sold by QCD only
Asking $25k each, open to offers
Cash for deed
Contact me for details
Want sold by end of Feb

If anyones a legit buyer for 1st NPL in SC, let me know
Will send details
I own the note
Thanks

I have a house in Spring Hill, 2/2/1 block, on oversized fenced corner lot, nice area, near everything.
Needs about $15k in work according to my handyman.
Asking $199k, open to offers (reasonable)
Private loan may be assumable

PM me, I have a 1st NPL in SC I am selling off and may have others soon
No second, taxes current

I have a property in FL that the insurance is skyrocketing to 250%

It is vacant, will be sold off soonish once repairs are done

Only insured for $150k

Who is using who these days? My current co went from $85 to $141 now to $305 per month

Thanks

What do you mean by "buying notes I can see in person"?

Do you mean the underlying asset? If so, then almost never! I have a hands on (NOT electronic) BPO or 2 done. You never get to see the inside of the house or asset securing the debt unless its been abandoned and the bank had to secure it and they took pics. I then always figure the house needs work, and go by the AS IS quick sale value, then offer on the note accordingly.

We unfortunately have real estate guys buying notes now and trying to sell notes based on ARV and other things that just rarely translate in the note world. So basically they dont know what they are doing and hoping for a quick buck.

The DD is the BPO ($125+), title search ($125+, different than a typical search as you need to see the assignments are recorded), file review (to include the original blue inked note and mtg, allonges, assignments, servicing notes, etc.) which is typically done by you or you will need to pay someone about $300 to do it.

Most note investing is numbers, so you need to know what youre doing, planning for, what the owners options are before making an offer, then plan to throw it all out the window if need be and regroup. A borrower might say they are willing to give a DIL, then instead hire a FC atty to fight for years, then go BK, then... plan for the worst and youll be ok.