Wednesday, January 24, 2007

Real estate short sale offer accepted

I wrote two days ago about some offers I had submitted to banks in junior lien positions. I called one of the banks today to see if they had received my faxed proposal (I had trouble the previous day transmitting) and within 10 minutes they not only confirmed receipt, but accepted my offer. They were owed over $40K by the property owner and accepted an offer of $2500 from me.

Yesterday I called on another property with a $66K first lien. The attorney told me the mortgage company was walking away from the property! I just have to clear up some junior liens. This is an interesting property because about 10 different entities have put liens against it. The owner has a very common name and it seems these lien holders will put a lien against any property with a similar name. Each name has a different middle initial or co-owner or address. It's pretty obvious that the owner is not the defendant, but it's crazy that someone can slap a lien against your property so easily. At any rate, this is a property that I can quickly do a wholesale flip. It needs lots of work and is not in a great area.

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