Case Study X

 "Foreclosure After 50 Years"

A guy called and said he was the care giver for the property owner and wanted to know if I could help.  After he said the old man had lived in the property for fifty years, I assumed he had some equity and made the appointment.

I met with the old man and the care giver.  They explained that the house would be sold on the court house steps the next Tuesday.  The house was the owner’s only asset and he needed money to fly to California so he could live with his sister and get proper care.  

We went through the negotiation process and I agreed to give him money so he could get to his sister.  He signed the title over to me and I made up the back payments to stop the foreclosure sale.  I took the property subject to the mortgage. 

I bought this house for 55 cents on the dollar.  After spending a lot of time and money remodeling this 80 year old house I’m not sure I would do this deal again.  Oh yes, I made a profit (see the case study) but I tied up my crew and time for longer than usual.  When you can have a steady stream of deals, you learn to make your money on the quick turn around properties.  If you can work two weeks and make $20,000.00 why would you want to tie up your crew for six weeks for the same amount? 

You also get:

• A description of the techniques used to find the prospect and get them to call.

• What to say on the call to qualify the prospect

• What to say in the interview to negotiate the deal

• The unique real estate sales contract used for buying property subject to a mortgage

• A copy of the Warranty Deed

• The property analysis worksheet
• Pictures and financial data showing how Ross came out on the deal

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