Can Anyone HELP!!!!
Hello! I,m new to this all,but Wanting to get started in investing. Me and my husband looked at a house about a year ago that was going to foreclose,but haden't yet there was just talk about it,and they had it listed with a realtor,but was asking way to much for it,the house is needing much repair. So we bought another house instead,but we started looking at properties again recently again,and noticed that the house we looked at a year ago is still there,and the bank is still trying to get it back from the owner for some reason the bank is not wanting to foreclose due to the expense of it,but are trying to get him to sign it over to them. He owes back taxes on the house also. We are trying to get the bank to let us take over the loan or refinance with them,but they said no we don't want to do that cause they think it will happen again,we don't want to lose on buying the house cause the house has 8 bedrooms 3 bath and is over 3500 sq. ft.. We were going to make it into a double,or move in it our self. He bought it for 35,000,and took out 55,000 loan on it,and the bank wants to sell it for 42,000,but can't yet. We have tried to contact him,but have know number for him. Any help would be great in what to do on this,or how to go about it. We own our home free and clear but husbands credit score is 610,and know one will give us a loan,my credit is very bad from prev. marriage. Please help! Thanks,Tammy
???? Either I live in the wrong part of the country or I am missing something. A 3500 sq. ft. house with 8 bedrooms 3 baths where I live would cost $300,000 -$400,000 dollars. I see alot of posts with, what seem to me to be, ridiculously low prices. Last year my wife an I bought a 3BR/1BA 900 sq. ft. house for $70,000 and considered ourselves lucky because we bought from a family member. Comps in my neighbohood go for $95,000. Am I missing something here?
Yep, you live in the wrong area of the country. Seriously though, I'm sure the average wages are a long ways apart also. Average in KS is around 33k per year, in real life that's probably more like 8 people making 25k and 1 making 100k.
Sorry to not reply to the original question, but I'm just not that creative an investor. Some of these guys can figure out all kinds of angles though, i'm sure answers will be coming.[ Edited by mykle on Date 04/23/2004 ]
This house is a great deal,and also know of another one(duplex) that is going for 28,000,and is worth more.Just found out that he did sign the house over today,and we are trying to get a loan from them to purchase the house,can't let it go,but afraid we won't be able to get the loan for it any suggestions out there?Also the house is appraising at 96,500.I am totally geeking over this.
If you own your home free and clear, what it is worth? You might consider a home equity line of credit on the house that you live in, and use the loan proceeds as a down payment on the new one. A 610 credit score should not be a kiss of death on a deal with this much equity, as long as you have the income to justify the loan amount, and a down payment.
A different approach might be to do what you can to find the owner and get in contact with them. even if it takes hiring a Private Investigator or Skip Trace Service. Get an authorization to release information form signed by the curent owner, so the lender can talk with you regarding the curent loan. If the amount of arrears is not too great, you could possibly negotiate a Sub2 deal with the current owner, and simply take control of the property and bring the loan current and keep it there. If you want to move in while the rehab is going on, you could either rent your current home, or sell it. This would take care of giving you only one house payment. to worry about
Good luck,
Jeff
ksinclai,
I saw a listing for a 4300 Sqft. Victorian for 89k in upstate NY yesterday. Almost broke my heart.