How Much To Offer?
An owner is in brankruptcy and this has held up foreclosure from bank.
This seems like a chance for a great deal but have heard that the courts have to approve the sale in these cases. IS it a hard or long process?
Ower did say that his lawyer said he could sell the house but had some extra paperwork to fill out.
So far it looks like the market value would be about 125K. Owes 70K to bank and owner wants 5K.
What would you offer?
How much do I need to worry about if my offer is high enough so the courts will approve it.
Thanks for any suggestions?
Does the house need rehab?
I say offer the $75K and see what they say if the property "as is" is worth that.
[ Edited by linlin on Date 11/02/2006 ]
do you know anyone personally who may be familiar with foreclosure investments?
wordz,
Is the house foreclosed on or not?
Who owns the house now?
You can buy it out of Bankruptcy, it is more complicated but can be done. The BK attorney can help you. Retain your own attorney to make sure the paperwork is done properly.
[addsig]
If the property has been exposed to public auction then the property has been either dismissed or discharged from the protection of bankruptcy and now belongs to the high bidder. If the debtors estate is still under the protection of bankruptcy (7 or 13) and has not been either dismissed , discharged or abandoned by the trustee you will have to deal with the trustee appointed to the debtors estate. (trustee calls the shots). If the debtors estate has been dismissed, discharged or abandoned by the trustee than the debtor becomes in control of the estate once again (has the right to sell) and the lender can proceed with the foreclosure. You must know who has control of the estate (trustee or debtor) then deal with that party.
tomsteve, thanks for the clarification, it would be nice to know where the property stands.
once you find out who owns it , then I would offer the loan amount - amount of repairs- profit for you.
example
owed 100k
repair -20k
profit -10k
offer 65k -70 k
[addsig]
Try to get as much as you can out of the property.
Normally, when bankruptcy is involved, it creates an ugly picture for the homeowner and the investor.
It is possible to house can be seized in order to satisfy the bankruptcy, if it was filed before the foreclosure.
Best wishes and good luck!
_________________
Cassandra Carter[ Edited by bargain76 on Date 01/29/2007 ]
List it in your My Properties area. Make sure you put the word foreclosure in the title and description.
Also make sure you start the process of working with your lender with a forebearance agreement. You will need to work extra hard at getting caught up on these payments, but there is good news - pizza joints and UPS/FedEx are always hiring part timers. Easy $15/hour to get you out of a jam.
Private Message me once your done listing it, and we will feature your property for you for free.
You might want to stop doing the repairs. An investor or buyer might want to finish the house up their self. Plus if the property is a short sale candidate, you are ruining your chances of getting the property sold.
Even as a FSBO you should at least list with an MLS only brokerage. The buyer agent exposure is key and in my area it costs the same as a week in the newspaper for 6 months of listing in the MLS.
I hope all is well with your foreclosure sitauation.
If all else fails, Home Vesters is a great company that will offer enough money to pay the remaining balance of the loan.
This will help save your credit!
Hope this helps!
_________________
Cassandra Carter
(Contact info not allowed in signature)[ Edited by bargain76 on Date 01/29/2007 ]