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[3wildkids]

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Opening Bid

ForeclosureInvesting

I inquired today about an opening bid. They say that info is priviledged. Are there any formulas for figuring this out?

305K unpaid principle
360K + after ALL fees
382K county appraisal
425-450K BPO

Thanks for your help!!

mum of 3[ Edited by 3wildkids on Date 08/05/2004 ]

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Bank Says "no Way" Only Option Foreclosure?

ForeclosureInvesting

Alright, I am soooo frustrated. This is a Countrywide Loan (go figure!!) The county appraised value is at $382
1st lien 360+
2nd (Fleet) 45+
BPO is $425-450
Repairs are more cosmetic than structural totalling $30-50 (pink walls, ceilings and carpet!! bright pink)

Owner had home on market for over 300 days and did not sell, due to cosmetics.

We have offered 1st lien 100% of principal $305 plus WE pay realtor (she is a B****), title and taxes up to date in addition to a negotiated amount with second of possibly $20K

This is for our personal home.

1st lien said not taking less than $360 due to BPO, and won't deal at all if 2nd lien gets more than $1,000

I have spoken with Countrywide's attorneys in Dallas and they are willing to speed this into foreclosure if Countrywide gives go ahead (which it sounds like they will) So, the auction date would be September 2.

Do you all creative investors have any suggestions for my husband and I to purchase this property? I am in the understanding that we have to get a non-secured loan for the auction and then refinance as soon as the deed is turned over. Could the cashier's check be made payable to the Trustee to help in our getting the non-secured loan? We have EXCELLENT credit, but not enough cash. We don't really want to buy it this way however as I have never been to a home auction and I hear it can be very competitive. I REALLY want this home, at our price.

Also, why isn't either side willing to negotiate this loan out? We are wanting our purchase price to be $350, but are willing to go up to $400K if we have to.

There HAS to be an easier way to get this house!! IF we paid both loans off AND did the repairs, we would be close to a negative equity situation on a high end home which is in a tight market anyway. The loan has been in default since Jan. of 2003 and was recently cleared of BK13 in June.

Can't wait for a response!!

Mum of 3

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