Quagmire of a quick turn

[Avoidconfusion]

Here is the quagmire. My first quick turn is very intriguing
listed for $309,000 handyman special! I saw the place today and that is an understatement, but that`s okay I can handle the rework and make it nice again. It is in a good neigbourhood so the potential is good, but it would have come down to $260,000, $275 at the most.
Here is the title info,
$245600 to CIBC 23-AUG-08
$73500 to Rushly Corp. 5-SEP-08
$28784 to the Federal government
$347884 total owing! He`s only asking $309000 how does he expect to close this?
Maybe he`s paid back a bit of the mortgage, let`s knock $5000 off. How do I get past that financial mess, these lenders are not going to let me close. Do I use every negotiating skill in our books to all of these parties (give everyone .75 cent on the dollar?). This owner is in deep doo doo.
Can the Government of Canada be persuaded to move their writ over to his principal property? (he still lives in the neighbourhood)
Will the CIBC negotiate if the owner is still paying? (which we found he is)
Will Rushly be happy to be rid of this guy? (I don`t know if he is still paying them)

Sisters and Brothers of REIN I call upon your wealth of knowledge, my failing brain is being overwhelmed.

Kevin Redmond
Avoid Confusion

 

[gkeary]

I don`t know Kevin - sure seems like he gives new meaning to the term "suspect".

I have also run into a few sellers who owe more than the value of the house. My understanding is that unless there is a second that can be seriously discounted, walk away.

gk


QUOTE (Avoidconfusion @ Nov 16 2009, 09:42 PM) Here is the quagmire. My first quick turn is very intriguing
listed for $309,000 handyman special! I saw the place today and that is an understatement, but that`s okay I can handle the rework and make it nice again. It is in a good neigbourhood so the potential is good, but it would have come down to $260,000, $275 at the most.
Here is the title info,
$245600 to CIBC 23-AUG-08
$73500 to Rushly Corp. 5-SEP-08
$28784 to the Federal government
$347884 total owing! He`s only asking $309000 how does he expect to close this?
Maybe he`s paid back a bit of the mortgage, let`s knock $5000 off. How do I get past that financial mess, these lenders are not going to let me close. Do I use every negotiating skill in our books to all of these parties (give everyone .75 cent on the dollar?). This owner is in deep doo doo.
Can the Government of Canada be persuaded to move their writ over to his principal property? (he still lives in the neighbourhood)
Will the CIBC negotiate if the owner is still paying? (which we found he is)
Will Rushly be happy to be rid of this guy? (I don`t know if he is still paying them)

Sisters and Brothers of REIN I call upon your wealth of knowledge, my failing brain is being overwhelmed.

Kevin Redmond
Avoid Confusion

 

[Avoidconfusion]

Yes I am getting that sinking feeling, I may have to wait for this to show up as a foreclosure. There are other buses to catch.

Kevin

QUOTE (gkeary @ Nov 17 2009, 12:29 PM) I don`t know Kevin - sure seems like he gives new meaning to the term "suspect".

I have also run into a few sellers who owe more than the value of the house. My understanding is that unless there is a second that can be seriously discounted, walk away.

gk

 

[Thomas Beyer]

QUOTE (Avoidconfusion @ Nov 16 2009, 09:42 PM) ...

Sisters and Brothers of REIN I call upon your wealth of knowledge, my failing brain is being overwhelmed.

..
walk .. unless CIBC or 2nd charge takes a big haircut ..

real estate is like the bus: there is another one in 15 minutes !

take the next bus !