|Just because I’m traveling around Italy with the Vargas clan doesn’t mean I’m not working. |
I had a conversation yesterday with Eduardo. He’s an associate we are working on a probate property with. The said piece of property is currently in foreclosure. The problem he’s running into is the seller keeps raising the price. I told Eduardo that when the seller raises the price, they’re digging their own grave a little deeper with each increase.
Why? Because times, they are a-changin’.
Don’t get me wrong – it’s still a fantastic time to be in the market. But ever so slowly, the poser is shifting from the seller back to us, the buyers. And thanks to the jacked-up place we’re all in with insane inflation and rising interest rates, the pace of that power shift is gonna get a lot faster real soon.
As Eduardo and I talked, we came to realize that the seller’s loan would put him upside down in equity.
But this is also a reverse mortgage which means the line of credit could be deceitful in terms of the total lien that is owed on the property. In other words, reverse mortgages will show up on paper that somebody owes a significant amount of money higher than what they actually owe. The only way to verify the real numbers is to work with the seller on a personal level.
Why do people get themselves into these precarious situations? These sellers often don’t want to deal with things they don’t fully understand so they procrastinate. Others think they can just do it all on their own but they get confused and bogged down in uncertainty. But it’s not just any old ordinary real estate investor who will be able to save this poor sap.
The Vargas family tour of Italy has been amazing. But not because of anything I know. The success of our trip is a result of the extraordinary guides we’ve found to get us VIP access to areas other tourists can only dream about. The knowledge they possess makes them travel guide super heroes.
Eduardo’s seller needs a probate super hero. Thankfully, Eduardo has me as his guide so he can in turn offer the knowledge and expertise to his seller.
Impegnato per il tuo successo,
Ernie “The Hero Maker” Vargas | The Probate Fox