All Forum Posts by: Jacob Kline

@Greg Dickerson @Brett Goldsmith thanks for the replies guys.

Basically my issue is that I’ve calculated my #s on the deal based on the payoff from when I first put it under contract and didnt know it would incur daily interest. At this point just waiting on the payoff statement to come back from lender.

Do either of you know what a typical daily interest rate would be on a preforeclosure?

I just would hate to keep putting time into the deal while interest could possibly go above my contract price. Maybe overthinking but I’d appreciate any advice

@John Thedford @Muhammad Abdullah

Must be a felony, jail em! I’m reporting you!!!!! Lol

@Dan Heuschele thanks for the info Dan. Seller is 100% on board with the assignment of contract and understands what it means. He also agreed that he will deliver the property vacant.

I plan on having the owner deal with her regarding walkthroughs and vacating the property before closing.

@John Thedford so you’re saying assigning a contract to my personal network is considered “marketing”?

If I have a contract on a property is it possible to go to the lender and negotiate the balance down for a cash payoff?

The note is incurring daily interest, property is in bad shape, and lender would most likely have to evict people currently living there- possible negotiation points?

Anyone have experience doing this?

@Michael Sechrest where are you located that will allow this? I have a bunch of lots from tax sale that are zoned for mobile home and they won’t allow anything that isn’t new.

@John Thedford so what would be considered marketing? Listing on MLS? For sale sign?

I’m assigning to one of my buyers who are in my personal network.

Seems a little thin to be accusing someone of felony and I don’t appreciate it. There are tons of people out there who assigning contracts and not “playing games” by your words. I’d call it solving problems and earning a living.

If you have actual advice, I’m all ears but otherwise you’re wasting time here.

@Bill F. Also I originally intended to close on it myself for rental, but didnt feel comfortable with the amount of work. So yes I still could close on it worst case then relist it.

@Bill F. Thanks Bill! Really appreciate it

@Ahmed Motiwala thank you!