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A few weeks ago, I got an email from one of my attorney’s about a horse farm that was heading to foreclosure in 6 days. Value $1,200,000 and I could buy it for $480,000. Sounds like a great deal but I was heading out the door to teach a seminar so I didn’t have time to work the deal.
I passed it off to a friend to take care of. But he didn’t do anything.
Foreclosure comes and goes and I figure someone snatched it up at auction. But I did a little checking and found out the bank took it back.
Yesterday, I got a call from the previous owner. She had talked to my attorney and he told her to call me.
She got an eviction notice yesterday, but she said if she could come up with $485,000 by the end of the month, the bank would sell it to someone before they list it with an agent. Her objective in calling me was to get me to buy it then she wants to lease it back so she can keep the horses there.
She says she has an appraisal for $1,200,000 from November of last year and can fax it over. I know that appraisals can be bought to show any price and a refinance appraisal is basically worthless.
I pulled up comps and checked out the details of the property. 17 acres. 3500sf log home detatched 3 bay garage, separate 32sf barn and a nice 1 acre pond on the proeperty.
Sounds nice but all that is sure not worth any $1,200,000 in the Dallas area. $600,000 is closer to the right number.
I could pass at that point. $485,000 is not a big enough discount to get me excited.
But the bank did get the property back and they sure don’t want it so I’m going to call them today to see what kind of “deal” I can make.
More details as I get them…..
Jackie
Talked to bank.
They did foreclose then the owner sued them claiming that they did not inform her.
Then they foreclosed again.
Meanwhile, the owner is still living in the property.
The owner actually wants to borrow $2,000,00 to buy the house back then spend the rest to improve the property.
Yea right! She can’t even make the payments on the loan she had.
I talked to the bank. Apparently they have other offers in the $400k range already. They said they are singing a contract this week.
I’m sure not willing to pay anywhere near that amount. So I passed on this one too.
The previous owner is still in total LA LA land. And not sure what she is going to do with all her stuff and 20 horses before she is evicted.
The thought of her and her boyfriend getting a job during all this to make the payments on the house never occured to them.
We sure do hear some crazy stories in this business!
Jackie
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