Foreclosure Help - Posted by Steve WA

Posted by eddie on November 02, 1998 at 21:35:52:

what u have to do is tie up the property with a contract saying “subject to buyers approval of title report”. Thats to see if there is any other liens on the property.Put alot of escape clauses in the contract(check with a good real estate atty)about that.Then if there is enough equity in the deal then buy the property. Good luck Steve.!!!

Foreclosure Help - Posted by Steve WA

Posted by Steve WA on November 02, 1998 at 20:44:57:

A perspective buyer contacted me today looking for a L/O. She told me that her landlord has not been paying the mortgage and the bank is sending default notices to her address. She wants to move before the house forecloses. The defaulting mortgage covers two investment SFR’s situated next to each other. So far, the outstanding note is a touch over 5K.

I’m not up to speed on these type of deals. What should I do? The only information I have is the addresses and the delinquency information. I feel there could be a deal here somehow. Does anyone have any advice on how to approach this?

Thanks in advance,

Re: Foreclosure Help - Posted by Irwin

Posted by Irwin on November 03, 1998 at 06:13:49:

You don’t have enough info. Just because the bank sent a default notice, doesn’t mean that the properties are going into foreclosure. There are numerous reasons why it might not happen. Therefore, contact the owner and ask if they are for sale. Find out asking price, outstanding debt, terms etc. Then post questions.

Re: Foreclosure Help - Posted by John OH

Posted by John OH on November 02, 1998 at 23:59:25:

If you are thinking of buying the property at a foreclosure sale, make sure you check the foreclosure process in YOUR State, as the process differs widely. When I did this in Ohio, I went to the County Sheriff’s office for information, as they are the sale authority here.

If you want to buy the property and bring the payments up to date, then talk to the property owner. He can call the bank and get a total amount required to bring the mortgage current. You can offer to pay that amount in cash to the bank and buy the property on Land Contract for the mortgage balance.

You would expect to have a motivated owner, as he might lose the property to foreclosure if he doesn’t act, but you may be suprised. Sometimes these people are in denial and wait until the day before the foreclosure sale to wake up.

It’s definitely worth looking into though. Good Luck.