Dear ______,
My name is______. As I was looking through the legal notices, it came to my attention that your property is in foreclosure. I am very sorry to hear your circumstances have resulted in this action. If there is anything I can do to help relieve your present situation, please call me.
I invest in homes and would be interested in working out some mutually beneficial transaction with you. If you may be interested in selling your home, please call me at the number listed below.
Dear mr smith,
In public recors of Gloucester county i noted that a forclosure action has been filed against your property.Your home is at risk.You can avoid this.Dont let your great credit score go down. I can help you with this matter at no cost to you.
I help poeple in forclosure and may be able to www.help.I am a serious real estate investor with experience in the forclosure process.
If i may be of service in this matter, it would be my pleasure to do so.
You may contact me at at...
hi swamy,
just wondering how did you get the notice of default. i am in philly and the only notice i could seem to find is the sheriff sale notice which is put in the daily news for everyone to see. it is usually put in there about a month before the auction. i even went to city court house and one lady told me that ther was no access to notice of defaults.
Again, I wanna thank everyone for all the interesting information. Please keep it coming, thanks.
Mike,
A short sale is when you negotiate directly with the lender? Do you contact them directly? Does the lender just want the balance due? What is this “Authorization letter”? How do you use there equity, do you re-finance the property under your name? What’s a BPO? Please explain a short sale? Do you compensate the home owner in this situation?
Thanks,
Frank
Well, you need a singnature autorization to release information like when you are doing a loan , you need the borrower signature autorhization, to get bank statements, to check credit reports and to talk with the bank. the short sales I believe that you only can do them when you are in the cure period after that you can not, you can buy it but not to do an offer for ss
correct ?
Hello.
To answer your questions KidInvestor:
The first thing the bank will ask for is an Authorization to Release Information Letter signed by the owner in default or redemption. Once they sign that, you fax it to their bank. Then the lender will be able to discuss the account with you & will tell you if they will consider a Short Sale.
A BPO is when the bank has a Realtor they with that will come out & take pics.
Thank you for your time
Hi lauralee,
I get my list from a local guy that puts it together every week. I got his name from a local Real Estate Investment Club. I would check your local REI club & see if they have something similiar. It has been great. I just mailed out 141 mailers on Monday & recieved 2 calls. They both called me yesterday. I am going to look at the houses today. They both have decent equity. I know that there is a lot of competion with pre-foreclosures, but I seem to be getting calls so I will continue to mail to them. Good luck on finding a list in your area.
Mike
In short sales, banks use a broker to inform then as to the value of the house. It is important to not clean up the house before he comes, and you must be there to emphasize the costs of repairs, and otherwise influence for a low price opinion. This is money in your pocket!
Hey Frank,
I just bring an authorization letter with me to have the owner sign. I also bring my digital camera so I can remember what each house looks like.
I ask the owners questions about how they got into the situation they are in & how much they are behind. I have investors that I am working with who will allow them to stay in the home on a lease option. They have to be out of the situation that caused them to get behind. If they are still not working or are in the same situation then they want them out. They will give them some "moving money" to get out. I am still very new to this myself, so I too have a lot to learn.
I will be closing on a deal in two weeks that will net me about $15k. or more. (if everything goes smoothly)
I hope this helps. Good luck.
Mike
Quote:
On 2005-03-19 09:14, swany33 wrote:
Hey Frank,
I just bring an authorization letter with me to have the owner sign. I also bring my digital camera so I can remember what each house looks like.
I ask the owners questions about how they got into the situation they are in & how much they are behind. I have investors that I am working with who will allow them to stay in the home on a lease option. They have to be out of the situation that caused them to get behind. If they are still not working or are in the same situation then they want them out. They will give them some "moving money" to get out. I am still very new to this myself, so I too have a lot to learn.
I will be closing on a deal in two weeks that will net me about $15k. or more. (if everything goes smoothly)
I hope this helps. Good luck.
Mike
Mike,
Did you compose this Authorization letter your self? Is this a legal document? Can I purchase this letter; if not can you give me a copy?
Thanks
Frank
Please accept this as your written permission and authorization to discuss my/our loan account AND furnish all requested information, forms, documents and reports to:
Your name
Address
City/state/Zip
PHONE: XXX-XXX-XXXX
FAX: XXX-XXX-XXXX
E-MAIL: xxxxxxxxxxxxx
I have not had a bank refuse it yet. I hope this helps. I am sure someone else might have a little different letter, but this works for me.
Mike
I was also wondering where you get the Excel formatted lists? $45/month sounds like a steal. Is that only in Michigan? I have seen several sites that do California and other West Coast states, but nothing Midwest.
Hey bitting,
I get the list from a local guy in my area. I got his info at a local REI club. He only covers 3 counties in the Metro Detroit area. Each list costs about the same.
I would check with your local REI club & see if anyone is advertising a similiar list(s). Good luck!
Swany
Hello Everyone! This is a great forum! There were some questions about skip trace and I would like to say that they are GOLD! I use a company that get me the info real fast and is very accurate. I have closed 2 deals this year alone just from skip tracing. If anyone is interested here is the link to the company!! Happy Investing Everyone!! ****Must participate a while before posting URL's***
A skip trace is pretty much when you hire a company to hunt someone down it is very popular with collection companies. (ie someone moves from a house suddenly leaves a 300 bill unpaid the collection co will run a skiptrace to find person and collect money) You can find many online companies who will do a skiptrace. Think of it like a hiring a PI to find someone for you its hard to move around these days w/o leaving some sort of trail
First I am not a guru I am a newbie testing my knowledge. In your situation this is the way I am thinking about it. I think a short sale should be very possible here a bank will listen to you if you explain exactly what the situation is. The as is value of the property is 148k (158 - 10) MAX!!! From a business perspective they will definately lose money if the house goes to auction how much do you think they will get 120, 130 maybe and there are still expenses that have be added on above and beyond what she currently owes if they move forward with the foreclosure. If i were you I would put together a package complete with why she cant pay her payments, how much the property is really worth (amount of repairs necessary) complete with pictures and everything, the low comps in the area make a case as to why they should accept the short sale. After all considering repair cost 8 thou in equity barely covers closing cost
Thank you for responding. Here is what I have decided to do. What I may not have put in the earlier post was the first is for 110K and the second is for 30K. I am going to try to buy the note for the 2nd and then simply purchase the house for the value of the first. Will let you know how that goes.
I have done short sales before, but never bought a note, so I am going to have to learn that one from scratch.
If anyone has advice on the steps to buy a note, feel free to post
Dear ______,
My name is______. As I was looking through the legal notices, it came to my attention that your property is in foreclosure. I am very sorry to hear your circumstances have resulted in this action. If there is anything I can do to help relieve your present situation, please call me.
I invest in homes and would be interested in working out some mutually beneficial transaction with you. If you may be interested in selling your home, please call me at the number listed below.
Sincerely,
____________
Dear mr smith,
In public recors of Gloucester county i noted that a forclosure action has been filed against your property.Your home is at risk.You can avoid this.Dont let your great credit score go down. I can help you with this matter at no cost to you.
I help poeple in forclosure and may be able to www.help.I am a serious real estate investor with experience in the forclosure process.
If i may be of service in this matter, it would be my pleasure to do so.
You may contact me at at...
hi swamy,
just wondering how did you get the notice of default. i am in philly and the only notice i could seem to find is the sheriff sale notice which is put in the daily news for everyone to see. it is usually put in there about a month before the auction. i even went to city court house and one lady told me that ther was no access to notice of defaults.
after sending mail and the is no reply,what is the next step?
Again, I wanna thank everyone for all the interesting information. Please keep it coming, thanks.
Mike,
A short sale is when you negotiate directly with the lender? Do you contact them directly? Does the lender just want the balance due? What is this “Authorization letter”? How do you use there equity, do you re-finance the property under your name? What’s a BPO? Please explain a short sale? Do you compensate the home owner in this situation?
Thanks,
Frank
Well, you need a singnature autorization to release information like when you are doing a loan , you need the borrower signature autorhization, to get bank statements, to check credit reports and to talk with the bank. the short sales I believe that you only can do them when you are in the cure period after that you can not, you can buy it but not to do an offer for ss
correct ?
Hello.
To answer your questions KidInvestor:
The first thing the bank will ask for is an Authorization to Release Information Letter signed by the owner in default or redemption. Once they sign that, you fax it to their bank. Then the lender will be able to discuss the account with you & will tell you if they will consider a Short Sale.
A BPO is when the bank has a Realtor they with that will come out & take pics.
Thank you for your time
I am newbie to the site. The site encouraged me to complete my first real estate deal a couple weeks ago. Now I want more.
The idea of the foreclosure sales sounds appealing. My question is what is a "short sale"
Hi lauralee,
I get my list from a local guy that puts it together every week. I got his name from a local Real Estate Investment Club. I would check your local REI club & see if they have something similiar. It has been great. I just mailed out 141 mailers on Monday & recieved 2 calls. They both called me yesterday. I am going to look at the houses today. They both have decent equity. I know that there is a lot of competion with pre-foreclosures, but I seem to be getting calls so I will continue to mail to them. Good luck on finding a list in your area.
Mike
This is a good thread. Thanks everyone!
A BPO means Broker Price Opinion.
In short sales, banks use a broker to inform then as to the value of the house. It is important to not clean up the house before he comes, and you must be there to emphasize the costs of repairs, and otherwise influence for a low price opinion. This is money in your pocket!
Enjoy the pursuit!
Dan
Hey Frank,
I just bring an authorization letter with me to have the owner sign. I also bring my digital camera so I can remember what each house looks like.
I ask the owners questions about how they got into the situation they are in & how much they are behind. I have investors that I am working with who will allow them to stay in the home on a lease option. They have to be out of the situation that caused them to get behind. If they are still not working or are in the same situation then they want them out. They will give them some "moving money" to get out. I am still very new to this myself, so I too have a lot to learn.
I will be closing on a deal in two weeks that will net me about $15k. or more. (if everything goes smoothly)
I hope this helps. Good luck.
Mike
Quote:
On 2005-03-19 09:14, swany33 wrote:
Hey Frank,
I just bring an authorization letter with me to have the owner sign. I also bring my digital camera so I can remember what each house looks like.
I ask the owners questions about how they got into the situation they are in & how much they are behind. I have investors that I am working with who will allow them to stay in the home on a lease option. They have to be out of the situation that caused them to get behind. If they are still not working or are in the same situation then they want them out. They will give them some "moving money" to get out. I am still very new to this myself, so I too have a lot to learn.
I will be closing on a deal in two weeks that will net me about $15k. or more. (if everything goes smoothly)
I hope this helps. Good luck.
Mike
Mike,
Did you compose this Authorization letter your self? Is this a legal document? Can I purchase this letter; if not can you give me a copy?
Thanks
Frank
Frank,
I actually found a letter on this site that I use. I believe I found it in the marketing forum. It goes like this:
AUTHORIZATION TO RELEASE INFORMATION
Lender:______________________________
Lender Phone # & fax:___________________
Account or Loan #:______________________
Borrower:_____________________________
Borrower:_____________________________
Property Address:_______________________
City/State/Zip:__________________________
Borrower Signature:_____________________
Borrower Signature:_____________________
Please accept this as your written permission and authorization to discuss my/our loan account AND furnish all requested information, forms, documents and reports to:
Your name
Address
City/state/Zip
PHONE: XXX-XXX-XXXX
FAX: XXX-XXX-XXXX
E-MAIL: xxxxxxxxxxxxx
I have not had a bank refuse it yet. I hope this helps. I am sure someone else might have a little different letter, but this works for me.
Mike
Swany,
I was also wondering where you get the Excel formatted lists? $45/month sounds like a steal. Is that only in Michigan? I have seen several sites that do California and other West Coast states, but nothing Midwest.
Appreciate it!
Hey bitting,
I get the list from a local guy in my area. I got his info at a local REI club. He only covers 3 counties in the Metro Detroit area. Each list costs about the same.
I would check with your local REI club & see if anyone is advertising a similiar list(s). Good luck!
Swany
Hello Everyone! This is a great forum! There were some questions about skip trace and I would like to say that they are GOLD! I use a company that get me the info real fast and is very accurate. I have closed 2 deals this year alone just from skip tracing. If anyone is interested here is the link to the company!! Happy Investing Everyone!! ****Must participate a while before posting URL's***
for skiptracing goto "www.findtheseller.com"....kenmax
A skip trace is pretty much when you hire a company to hunt someone down it is very popular with collection companies. (ie someone moves from a house suddenly leaves a 300 bill unpaid the collection co will run a skiptrace to find person and collect money) You can find many online companies who will do a skiptrace. Think of it like a hiring a PI to find someone for you its hard to move around these days w/o leaving some sort of trail
a bit late my bad
I have two scheduled meetings today for two different properties for sale. Can anyone help? What type of questions should I ask??
Frank
First I am not a guru I am a newbie testing my knowledge. In your situation this is the way I am thinking about it. I think a short sale should be very possible here a bank will listen to you if you explain exactly what the situation is. The as is value of the property is 148k (158 - 10) MAX!!! From a business perspective they will definately lose money if the house goes to auction how much do you think they will get 120, 130 maybe and there are still expenses that have be added on above and beyond what she currently owes if they move forward with the foreclosure. If i were you I would put together a package complete with why she cant pay her payments, how much the property is really worth (amount of repairs necessary) complete with pictures and everything, the low comps in the area make a case as to why they should accept the short sale. After all considering repair cost 8 thou in equity barely covers closing cost
Thank you for responding. Here is what I have decided to do. What I may not have put in the earlier post was the first is for 110K and the second is for 30K. I am going to try to buy the note for the 2nd and then simply purchase the house for the value of the first. Will let you know how that goes.
I have done short sales before, but never bought a note, so I am going to have to learn that one from scratch.
If anyone has advice on the steps to buy a note, feel free to post
Thanks,
MemphisREI