So, I'm in a meeting at work and have my cell phone off. When I get back to my office, I turn the phone on and notice I have a missed call and a nw voicemail. I call my voicemail and it's a lady who wants to know more about "what I do" (re: "We Buy Houses"). She leaves her name and a man's name, along with the address of the property. My adrenaline was pumping. I had to wait for lunch, tho, to do anything else. At lunch, I do some web snooping, and find the following informatio regarding the property:
2005 Assessed Value: $117,500
Purchase Date: 03/03/2003
Purchase Amount: $120,000 (*sigh*)
I also found something I've never heard of before: Purchase Cash Deed of Trust. I'm guessing this is a loan to get household items (from the little bit of research I found on it). The amount is for $6,700, so that puts the entire lien amount on this property at around $125,500 (I'm guessing). ARGH! THEN, I find out there is an HOA lien on the property for another $600. If this were in a quickly appreciating market, I might take more interest in it, but this is upside-down by a good $8k-$9k. No thanks!
The deed was just in the man's name, so I'm guessing either he got married to this lady who called or she is his girlfriend/fiance. I didn't see any marriage certificate sin his name, so I'm guessing the latter. It's people like this I wish I could help, but I can't make their problems my problem, or I'll be in deep trouble. I may call her back this evening just to see if my research was correct. If so, I'll let her down easy and tell her "the numbers just don't work for me, but I know some other people who may be interested."
The good thing is I finally got a potential lead after a long 3-week dryspell.
Update: After thinking about it more, I wonder if this would be a good candidate for a short sale. The owner already has a $600 HOA lien on the property, so he could be behind on loan payments as well. I guess I'll learn more this evening when I call the lady (or man - whoever answers the phone).
Subscribe to:
Post Comments (Atom)
2 comments:
Also, keep in mind the assessed value (the value the county taxman assigns the property) is usually less than FMV. Can you verify comps with another source?
From my rough estimation, comps in the area are around $72.50/sf. It is 1,424sf, so that'd be $103,000. However, I'm sure it would fetch at least $110,000 based on my previous knowledge of the neighborhood. I'll need to gather more information, but I wonder if this thing could CF positive with the existing loans (I doubt it, tho, from first impressoins).
Post a Comment