Buying At An Auction?
I found a good foreclosure property has equity over 400,000k but it is going an auction in 2 weeks so should I wait until it goes for an Auction or buy it before?
I found a good foreclosure property has equity over 400,000k but it is going an auction in 2 weeks so should I wait until it goes for an Auction or buy it before?
have you spoke to the owner?
Not yet, looking home owners contact number.
Thanks panicfilms for your reply but I check it the house and need repair not more than 10k and owner moved out so I have to wait until auction day as you gave advise to bit on it. Thanks for your advice.
Very, very, very seldom does higher end property with equity end up at auction.
Agressive investors see $400k in equity and pull out all stops to find the owner to make a deal, which includes hiring skip-tracers, etc.
Good Luck in buying this place. Keep us informed on how it went, OK?
[addsig]
aaliyah, do a title search and then find the owner and get a quitclaim deed signed. Ask the neighbors where the owner went, peek in their mailbox, do a skiptrace, find their place of employment, do wahtever you can to find the owner and get the deed signed.
Hi Panicfilm, you are the best., your info is very very very helpful. I wish you were my mentor.
Thanks in a million
a lot of the artificially low cost mortgage loan funding comes from Chinese, and other foreign investment... so when the mortgages are foreclosed... guess who will own own/control a chunk of American housing stock?
Good point ShortSalePro.
Good point however, unless they sell at a discount, what are they really holding?
They are also buying up all of the oil and meatl products in the world.
Guess we all better learn Chinese!!
One thing to keep in mind when dealing with "rigid lenders" is that in most cases they are servicing the loan but do not own it - thus no significant financial impact if the loan defaults. The loans are owned by Freddie, Fannie, and institutional investors. The guidelines that servicers follow come from the investors and the related servicing agreements.
"Buy while the blood is on the street!"
Attributed to Nelson Rockefeller, after the stock market crash of 1929 when investors were jumping out of windows...
Chris
We just ran across a property just like yours. It has foundation problems - big ones. We passed on it. There are better deals to be had.
At the sale, this property will go for a lot less than the judgement or the lender will end up taking it back. Definitely pass on this and keep looking hard. You have to go through the bad deals to get to the good ones.
I can’t imagine a bank doing that. Why would they?
You say you don’t want to buy the property, want use their money to do the rehab, but you want to sell it and make the profit.
If a bank were going to put up the money to rehab a property they already own, they could easily hire the work done and keep ALL the profit for themselves.
So, to me, the real question is -- what do they need you for?
Sorry, but I guess I’m missing something here.
I want to split the profit . I am a general contractor who can do the job. Right now its sitting there just deterioating and losing value every day.
I never heard of it.
Maryland has had a set of laws that legislate against some predatory realty acquisition practices which many feel so restrictive that they limit or severely restrict potential profit from preforeclosure investing.
While some provisions in the law may appear insurmountable to those seeking loopholes and shortcuts, truth be told that there will also be room for ethical and profitable acquisition practices.....
California has a set, too.