Highrise Condo;Downtown San Diego overlooking the bay/ocean

Highrise Condo;Downtown San Diego overlooking the bay/ocean

I need help! I received a call from a real estate broker in San Diego responding to my Craigslist Add today. He is dealing with a asset manager of a lender who holds a $850,000 note on a highrise condo,the Grande, on the Embarcadero overlooking the San Diego Bay. He said they would accept $650,000; which means to offer $600,000. The broker thinks the fmv is around $825,000 and the current occupants on title have not made any payments for about 2 years and have claim bankruptcy which means the new owners of the note would have to foreclose and evict the tenants. They put the loan on the property in 2006. I have left a message for a coach at the academy to call me and I am also responding to the note buyers article that I read earlier in the Forum.
I have only been in the program for about five days and I am trying to apply Dean`s strategy from the book thinking outside the box. The broker, Steve, is going to call me tomorrow and I am going to do a driveby; but it appears to be a killer deal. Can somebody come to my rescue with the proper skills and strategy. Thanks, Paul


Just relax, Paul. It sounds

Just relax, Paul. It sounds like you're already doing the right things. You just to have to wait a little bit until you get the correct information on the property. Then you'll be in a position to get the property locked up. You'll know more about if you want to proceed when you drive by the place and check it out for your own eyes.

Keep up the good work. You've really taken the bull by the horns and seem ready to make some bold moves already.

No time to waste

The broker tells me the lender is motivated to make a deal and that it might be gone by this week-end. Of course, that is something out of Dean`s book to create urgency. I will continue to look for a buyer. The property is sterling and unbelievable view and amenities. It would be a real classy place to live and getting it at the right price would be well worth it. Thx, Paul

Paul Ruggirello,

Congratulations on this potential deal. Always remember to trust the broker's opinion, but verify the information. You can work on getting the property under an accepted contract but have some contigences if you determine the unit does not live up to the estimated fmv. You may want to get comps of other similar condos in the area to see what they have sold for in the past 6 months to one year. Good luck on this potential deal, I hope it works out for you and may turn out to be a great deal. Believe and Achieve! Smiling - Joe


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Sounds like you found the right broker it may just work out for you. Sounds like a great deal ! Let us know what they say and they accepted your offer and go from there. Much in success!!

Warm regards,

Paul T. La Moy

I am looking for a buyer

I was told to go to Loopnet.com to look for potential buyers by a coach name Tom; but I know it I am going to find a note buyer, I am going to have to make a lot of phone calls looking for interest. Is there anyone out there that may want this note; eventually a penthouse condo overlooking the bay and ocean in San Diego. Thx Paul

The comps support $800,000

I went by and inspected the two high rise bldgs. North and South Tower. It appears the Grande Project is one of the finest top quality bldgs. in the Gaslamp Area of downtown San Diego. With the bankruptcy on the unit, it may not be the killer deal I thought it was at first. Oh well!! move on


You learned something and thats not what you were looking for so I am glad you are moving on to another property. Your day will come.

Paul T. La Moy

I found an interested buyer for the note and knows the property

I received a return call from someone that I called out of the classifieds in the Union Tribune Newspaper and he appears to be extremely interested. He wants to know the floor it is on and get a copy of the note. So I will meet with the agent and get this for him. Everybody wish me luck and God Bless. Oh, by the way today was a pretty good day. I got a few qualified buyers with VOF`s for $500,000 and my nephew who is a contractor and wants to join my team. Oh well, just keep movin on a day at a time. Paul

Finder`s fee agreement signed,dated and emailed to me

Yesterday, I comprised a finder`s fee agreement and emailed it to the buyer that I found out of the newspaper. When he told me he was a broker, I immediately became leary and called the agent that I was working with and told him his name. The agent said that this same guy had talked to him a few weeks ago; so we both thought that this guy was not earnest, Today I received the email signed and dated and I then emailed him the confidentiality agreement as I agreed to if he signed my fee agreement. I again called the agent to make him aware that this guy may go around us. My question is; Is a signed and dated fee agreement that is emailed over the internet legal and valid. Hoping for the best, Paul
P.S. the fee was for $15,000. Is this my first deal?