What happens, expensive group? This week I'm posting the last part on Fripoclovers. Map will continue ...

Original publication date on the United States Real Estate Forum on Facebook:
2019-01-05T21:08:02+0000

What happens, expensive group?
This week I'm posting the last part on Fripoclovers. Map I will continue the process of classic foreclosure after the property has become the property of the lender.

So we started a campaign (details in the previous post about campaign types) and got to the debt holder. The meeting was set up after a short phone call or after a direct knock at the owner's door.
I will first say what should be prepared for that meeting:
1. Information on the amount of debt to the lender - will appear in the notices (Notice of Default and Notice of Sale. These two have been presented and explained in previous posts), on the website of the district and on other websites (each country and its websites).
2. Initial information about the property, market value, market rental (if you buy a carrentel), information about the area, etc.
3. Contract to be signed - the purpose of the meeting is to sign a sales contract. It is important to arrive with a ready contract! I do not recommend working with the classic FAR-BAR contract, but ask the lawyer to prepare a short and easy to understand contract. Don't forget to add a test period if possible.

In the meeting itself the winning combination is identification, humanity and assertiveness. The owner should make you feel very comfortable. You are the people who come to save him from foreclosure and significant future financial harm. On the other hand, he needs to understand that you know what you are doing - you are helping people like him on a regular basis and you are there to close a deal and not to waste time on unnecessary talk.

Things to understand in a meeting:
1. Property condition and height of renovation. It is important to radicalize the problems with the owner for the purpose of negotiations, but with sensitivity (this is his property) and to weigh the numbers for the purchase price (you have no more time to go home and think about things.) If you leave home without a contract, Therefore, it is the name of the game).
2. Will the owner's debt plus the renovation make us a successful deal?
3. Owner's Schedule for Proceedings.
3. Contact details with the lender (this can be done on your own, saving time on phones to find the right person to talk to).
As I mentioned, the purpose of the meeting is to close a contract. It is important to understand that the price should cover the debt to the bank (if it does not cover the debt, the story will be much more complex - short sale or direct negotiations with the bank. If there is no other option it is better not at all).

Now we have a contract. Now let's start with the checks and updates of all the people involved:
1. Contractor inspections and work inspection of the property.
2. A brief Teitel test (Lynn Sirch and Teitel Sirch) to ensure that there are no other debts to other lenders.
3. Updating the lender's representative that the house is ready for purchase on the date in question and that the full debt is going to return to him at closing. Ask the lender Pay off request - a document that details the debt and is transferred to the title company to make the payments at closing.

General tips and possible risks:
1. You are working with a very weak population, remember this. A population that can say something today and something after tomorrow, a population that does not always speak politely and does not necessarily act according to the codes you know - remember this and behave accordingly (usually, sometimes people are killed).
2. Checking debts. In many cases, the existing debt is only one of several unpaid debts. It is important to check the Teitel and make sure you do not close one debt and buy a house with many other debts. The cost of the test ranges from 100 to 200 in Teitel.
3. Speed ​​is the name of the game. The sooner you get to the owner and push for a contract, the more likely you are to close the deal. The desired thing is to close everything in one meeting, or at most two meetings.
4. After a first deal, do not forget to ask the lender if there are additional mortgages he thinks you should look at. You closed him a huge corner, and he would be happy to forward future options to you.
5. Do not buy before you are sure, even if it looks like a "deal of the year"! Risk a deposit, risk your time but never risk the purchase itself because from there there is no way back and any such mistake can cost a lot of money!

In the next post, Forkolashkim!.!
Great,

Link to the original post on the United States Real Estate Forum on Facebook