All Forum Posts by: Brett Goldsmith

15-20%+ conservative is what I look for. If it was a conservative 10%, that was an easy cosmetic job, I'd be open to it depending on a few factors. 

You can get it from a title company or get a 3rd party application such as propstream to pull lists. 

If the estate only holds one upside down property it may not be in her best financial interest to go through probate. Seems even less likely they'd spend time or money to evict anyone there. Depending on what's truly owed and the as-is value of the home, a short sale attempt could be made. 

Just means there's potential time constraints depending on the status of the foreclosure and if there's an auction date. Also, you are dealing with a distressed owner or property so that may come with it's own set of challenges at times.

Any recommendations about the negotiating a lower price like the fees removed and negative escrow etc.

You won't be able to do this without doing a short sale ( imo a short sale is likely not an option on this account due to it having substantial equity LTV )

Do I ask the lender about short sale options or will that derail and delay the already discounted property with a close auction date.

You could try a short sale, but if the servicer does a valuation and thinks it's worth around 200k they will deny the short sale. Conceptually you'd need the bank to value the home around est. 165k for them to consider taking a loss.

**OR**

Should I figure a way to arrange payment assistance with the seller and the bank to stop the foreclosure and take the property subject to?

If this is a good deal ( i have no idea if it is ), then you should be looking into closing,  whether that is a normal purchase or a potential subject-to. Seems like reinstating the account is likely more than a down payment would need to be on obtaining new financing, so unless if the loan terms on this account are far superior or if you can not qualify for financing, it appears that a sub2 may not be a better option.

Focus on finding a career to make more money so you can save more money and then invest more. Pick a career with high earning potential and become the best at it or start a business.

Study and get involved in real estate in some fashion while you focus on making more money.

@Hobart King You need to be authorized by the borrower or the executor of the estate. Typically you can't do a short sale with an heir unless if they went through probate or if there was a trust in place as they don't have authority over the loan. Having an interest in title and authority over the loan are two separate things. 

Companies are sending out mass mailings and cold calling these individuals ( at least in my area ). Just like marketing to sell your service as a realtor, it appears you are now striving to market a service to help homeowners claim surplus funds.

I typically don't do any detailed research on investments or someones circumstances if I don't already have my foot in the door.

You can attempt to do a short sale if the daughter is the executor of the estate. This is a standard transaction with a
deceased borrower(s).

The only question is how the servicer will react to a land value offer if they are expecting a home to be on it. Why was it tore down? Was it torn down due to damage or was an insurance claim involved?

If you meant for marketing purposes there's likely a way to filter data on recently foreclosed homes for which ones "appear" to of had equity at the time of foreclosure.