URGENT HELP WITH REO QUESTION
Can anyone help me?
We are trying to get a property that we found that has been vacant for some time (1 or 2 years) I have talked to the previous owner. She gave it back to the bank, then filed bankruptcy. Her court date was about a month ago. The home is with homecomings financial and is in the reo department, but they will not give me any info or talk to me. The owner says she owed about $85,000. The home is worth about $115,000. Tax assessment is 33,825. The foreclosure date is set for August 17th. I have the attorneys name and number. They say they will accept a bid. My lender says I should tell them the value of the house and ask for the equity as a gift. Just what should my offer be and how do I write it up. I want this house before a realtor is involved and before it is on the market. HELP!!!
Looks like a typical short sale to me if there is a foreclosure on it..
kellsbells --
Here is a partial quote from your posting:
"The foreclosure date is set for August 17th. ... I want this house before a realtor is involved and before it is on the market."
Your are against the time clock on this one with a foreclosure date set for August 17.
If the house sells at the foreclosure on August 17 ... you will be out of luck.
There will be no realtor in the picture and the house will not be on the market ... the new owners will be enjoying the home ... not you.
Between your lender and the bank's attorney ... get going to write an offer or you will know a lot of history and financial about a house you want to own but missed your opportunity.
Cheryl Lopez
You can if you wish contact the owner and see if he is discharged from bankruptcy. If that is done and the sale can proceed, then attempt a short sale. If the bank takes the profferd bid then refinance and close. If not then start to negotiate with REO for a prior sale. You might point towards the bankruptcy action as incomplete. But do it now and do not pass go do not collect the $200.
Cheers Lucius