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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Bidding formula for foreclosures Posted by Jerry - Ca. on August 27, 2006 at 11:56 AM In Reply to: Bidding formula for foreclosures posted by Nate on August 24, 2006 at 2:52 PM : Anyone have a good formula for bidding on foreclosures. For example: I read in a weekly business paper the legal notice of a foreclosure taking place in 10 days. I found the address, talked to the owner who is interested in selling to me PRIOR to being foreclosed on. I've done some comparable sales and know what his house could sell for, but not sure where to go from here. His house is worth $165,000, but he still owes $110,000 on the property. What should I offer him? Someone told me there's a simple formula to use in these instances to calculate risk or how much to make. ??? I'm not sure where to go from here--any help? ================================================================================================== Hi Nate: I don't think there is an actual formula, but if you'll go to the "Fillable Forms" link at the left you'll find Ward's ... "Projected Net Equuity Worksheet" which may help you figure out your calculations! You also didn't say the state in which the property is located? If it's California ... you'll need to comply with Civil Code 1695 statutes and cannot give seller less than 50% of net equity due to unconscionable treatment statute! Jerry Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Anyone have a good formula for bidding on foreclosures. For example: I read in a weekly business paper the legal notice of a foreclosure taking place in 10 days. I found the address, talked to the owner who is interested in selling to me PRIOR to being foreclosed on. I've done some comparable sales and know what his house could sell for, but not sure where to go from here. His house is worth $165,000, but he still owes $110,000 on the property. What should I offer him? Someone told me there's a simple formula to use in these instances to calculate risk or how much to make. ??? I'm not sure where to go from here--any help? : ================================================================================================== : Hi Nate: : I don't think there is an actual formula, but if you'll go to the "Fillable Forms" link at the left : you'll find Ward's ... "Projected Net Equuity Worksheet" which may help you figure out your calculations! : You also didn't say the state in which the property is located? If it's California ... you'll need to comply : with Civil Code 1695 statutes and cannot give seller less than 50% of net equity due to unconscionable : treatment statute! : Jerry Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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