Helping a Seller in Pre-Foreclosure Testimonial – Fort Collins, Colorado

Everyone, it’s Adam with adambuysdenverco.com. In this video, hopefully my phone doesn’t overheat, but in this video, I want to talk about a homeowner in pre foreclosure. And we are going to be closing, the auction date, if I remember right, is on the 28th. And then we are going to be closing on the 15th or 16th because they’re going to need some time to relocate.

I am going to be giving the sellers some funds to be able to move into a family property. They’re actually going to be moving back in with their parents. Which I think is really smart to do especially if you’re in a tough finances situation. If you’re really close to your parents, who cares about the age?

This homeowner is in his 40s, but his parents are well into their 70s, or like late 60s, something like that. Anyhow, it, I’m not going to be sharing everything, all the personal details. I won’t even share the address because people could just look up this person’s personal name.

So going through a really rough time, but the reason why I titled the video in pre foreclosure, you don’t have to be or whatever I did is because you truly don’t, there really should never be somebody who has to lose their house. If you were just contacting up people or if you would just contact me, I, yeah, which is funny cause I’m a home buyer here in Colorado.

So of course I’m going to be biased. But, or if you would just contact me, I have so many solutions I can offer homeowners. But the biggest one is realizing that it doesn’t matter if it’s a cash offer or if it’s terms. I can help you out with so many different things, and a lot of people just don’t understand that yes, you can sell a house on price or terms.

With a cash offer or with me taking over payments. And helping you catch up with whatever back payments that you owe, so Some people walking on the show So I’m gonna let them I walk really fast. So I’m gonna let them walk a little ahead of me But and it’s getting pretty warm. It’s getting pretty warm for a fall day and so the my only issue is not you know that They spoke with other investors and anything like this.

It’s just they almost got themselves in a situation of where they probably would have lost the house if they went this route. Because even though I respect real estate agents, I don’t respect ignorance. And there’s a lot of things I don’t know. But I don’t like when people don’t try to know, if that makes sense.

When they don’t try to see, hey, what is best fit? For this client and their situation. So I’ll give you an example. This homeowner, the auction dates on the 28th, we’re closing on the 15th. If not sooner, it doesn’t have to, it’s on or before the 15th. We’re just helping them relocate so they can get that done ahead of time.

But it’s a done deal. The numbers work. They’re 10 K. And we’re talking somebody who owes money and had to call the bank, negotiate. There was a lot of things that had to get done to make sure that the homeowner actually walked away with some money instead of it. Now, could I have been like other investors and not tried and just said, Hey, you’re just going to have to sell for what you owe.

Yeah, I could have, but that’s not helping anybody. That, that’s not, if I could help beyond what’s expected, then I’m going to do it. So this homeowner. contacted a few agents and one of them really was getting into the ear saying yes I can sell for oh we can sell this house for 5. 75 which it’s not worth that especially with the condition it’s in there’s no way you know even after fixing it up yes after doing about 60, 70 K and work.

Okay. Yes. Then you can sell for $575,000 but no not beforehand. It just, that’s what irks me so much is people forget that the reason, the main reason why. If your house is a fixer upper, you can’t sell for full retail is one, buyer demand. The buyer is the one, whether it’s me or a first time home buyer, or it doesn’t matter what type of buyer it is, but us buyers determine the value of a house because a house is only worth what someone’s willing to offer.

So even if it’s 80k over what the other house is, it doesn’t matter. If a buyer is willing to pay that, then cool, that’s what that house is worth. And so it doesn’t matter what a realtor says or what an appraiser says. Appraisers are just doing guesswork like everyone else. And I was like the reason why that’s very problematic, I was telling the seller.

It’s because if you listen with this raw staging, you have to ask yourself, what if it doesn’t? So you’re losing the house. You only have like you have less than a month. And if the, and if this is about. 90, 000 over what its current value is, probably more than that because how much work it needs. There’s chances if you’re getting someone willing to pay that much for a house that’s not newly renovated in this area, it’s slim to none.

Like who, and you have to ask yourself. Who’s going to be able to get qualified? Who’s going to be able to get qualified for that mortgage? Because if it’s a first time homebuyer, they’re out because FHA ain’t going to approve the condition of the house. Conventional homebuyer probably is retiring.

They’re not going to retire into something that needs work. And so basically you’re locking out the people that are going to pay maximum price. You can go ahead and go the route, but I just, how is that going to work? Let’s be realistic here. You only have a month until you have to sell. And so luckily, I was able to look, I told the seller, you don’t have to sell to me.

I’m just telling you the truth I’ve seen it so many times. Dozens and dozens of times. Especially in 2011, 2012. I’ve seen it numerous times. Where people just have wishful thinking. Instead of waking up to the reality of the situation. The main thing is don’t have a foreclosure on your record.

Because once that happens, it’s over. You lost the house and you walked away with nothing and then you have a foreclosure on your record You ain’t gonna be able to buy a house for years So why you don’t have to do that? I guess so tired of it’s look Just get the house sold get find a way to catch up on your payments to keep the house either way Don’t let it go to foreclosure, that’s my biggest concern because I’ve seen people do it I’ve seen people let the house go to foreclosure and it’s frustrating to me It’s like a it’s like a doctor losing a patient when I knew it didn’t have to be this way But they made it that way, so anyhow just thought I’d share some thoughts on that current situation.

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