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  #1  
Old 10-21-2005, 11:53 AM
S. Westfall
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Default Pre-foreclosure Question

I am working a Pre-F deal with a family. It is a typical case....they are upside down on a doublewide mobile home they bought 4 years ago. They have a substitute trustee assigned and go to auction on 11/9. So far, the trustee and the mortgage co. say they will not except anything except full payment of the amount owed (about $66,000). Full retail this DW would be about $65,000 in move-in condition. However, this one needs lots of work just to be livable. I assume many banks will not negotiate and play hardball all the way. Is this the typical bank stance these days or is someone out there having different scenarios?
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  #2  
Old 10-22-2005, 06:34 AM
clawHAMMER
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Default PASS

To me, it appears these parties aren't really that motivated to unload the property. Give them your ph# if they change their mind. I wouldn't worry about it and would move on to the next deal before I spent anymore time on it.

Just my 2 cents...

clawHAMMER
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  #3  
Old 08-21-2006, 06:07 PM
r8rpwr
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I agree; if they were really anxious to get rid of it, they would meet you halfway. Everything's negotiable in this business. However, you can't do it all for them. Tell them what your offer is, and tell them they know where to reach you if they come to the conclusion that they need your money.
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Old 08-21-2006, 06:10 PM
sub-zero
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a DW? I guess it depends on the area, but around where I live, you can't give those things away. They are worth nothing after being owned for just a few years. The resell value is horrible.

Spend your money on a real house that will appreciate in value over the next 10-20 years.
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  #5  
Old 08-30-2006, 01:38 PM
r8rpwr
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Good point, sub-zero. That is true in my area as well. Not the best of investments.
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  #6  
Old 09-17-2006, 06:50 PM
Ole_chilli
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Stay away from investments that decline in value ... Just not logical Trailors are vehicles they have a VIN.

Get away from this deal
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