When Is The Right Time To Look At A Foreclosure And To Whom Do I Look?
I am new to this and have found a home in the local newspaper. It is in the legal notice section. It states that the balance owed is $148,500. That is the amount being foreclosed on. I think from looking at the information I have found so far, that the home may be valued at around $200 - $225. Now , do I try to contact the owner, The mortgage holder, or the attorney handling the foreclosure? Is it too late once it has hit the paper? I want to make an offer on this house. Who do I contact?
You have taken a great step to investing in realestate, I bought my first home in a similar way. The townhome was advertised in a newspaper, it was a forclosure and the bank was selling it.
I suggest that you contact the number that is indicated in the paper immediately, usually the seller (bank,realestate) will show you the home, if you like it, and the neighborhood is nice, make an offer, probably the asking price if you find the house to be in decent condition. I bought my home 9 years ago, there were six other families that gave an offer and I gave by $1,000 over asking price and the highest percentage upfront then anyone else, this won me the home that I enjoyed for 9 great years.
Good Luck! Hope this helps.
Wish it was that easy in CA
Wish it was that easy in CA
Calling the number in the paper and making an offer as the other poster suggested won't work. Since this is in the legal section of the paper I'll assume that it is a foreclosure notice of default or a notice of sale. The bank does not own this house yet. It is still the borrower's home (until the auction) and you will have to contact them to see if they will sell. Before you do this make sure there are no other liens on the property.
In addition to what the previous post mentioned, make sure their are no judgment. further more since divorce
can complicate things a bit, you'd want to ensure both signature for a valid warranty deed.