Why Not Just Sell?
just wondering why someone going into foreclosure wouldn't just sell the house themselves? How do you convince someone to sell you their house for no money?
just wondering why someone going into foreclosure wouldn't just sell the house themselves? How do you convince someone to sell you their house for no money?
Great question and there are many many just like it on these posts.
They are desparate and have just given up...usually they are planning on letting it go back to the bank (yes...for no money).
So, if you come in and offer to Save their Credit and maybe even give them a little money, and get rid of their headache and frustration...YOU ARE THE MAN...or woman!
I got a property from a lady a couple months ago. She inherited it from her grandma and now she's going through a divorce. She lives 2000 miles away. She was stressed out. She deeded me the property, and within a week, I had it under contract to her renter for a $25,000 profit. It closed last week. I called the lady to tell her that her loan was paid off, and she thanked me emphatically.
I don't know why they do...but they do.
Good Luck.[ Edited by sgtphilko on Date 05/03/2004 ]
I have first-hand experience with this, not a foreclosure, but a similar situation.
My 1st husband and I signed a contract in Feb. '86 to have a house built, split foyer on 1 acre, $67k. We had been married almost 3 years, had our fair share of marital problems (I was only 21 at the time), but decided to go ahead with it. The real estate market that particular year started climbing, the same house we were having built was selling for $10k more just 6 months later. Well July rolls around, the house is done, and to make a long story short, I couldn't live with his b/s anymore. There was no way in hell I could commit to settling on or moving into this house with him. He was a drinker, who was mean when he drank, and a major control freak. I had had my fill, I couldn't live like that anymore. I was miserable. Not only did the house appreciate $10k above our price by the time it was finished, because of the market, but we had put $2k down in escrow and spent over $2k more cash in upgrades (nicer carpet and windows, bath rough in). I left him. Woke up one day and moved out. Left town. I wanted no parts of him or that house, and didnt give a *$&@ what happened to it. Ends up the real estate broker we bought the house thru took it over, and they still own it to this day, as a rental. I showed up at settlement (as did the ex) and signed it over to them. I didnt care about the money or anything. I just wanted OUT of a really bad situation. This happens more than some people realize. Sometimes just moving on with your life is way more important than anything else. I was glad they wanted the house. And I was happy to sign it over to them, and happy that my ex got nothing out of the deal either. Hopefully one day I'll have someone that's glad to give me their house, just to get out of their own bad situation.
Tracy[ Edited by pinkflamingo on Date 05/05/2004 ]
Thank you very much for that! I'm glad to see that this could be a mutually beneficial transaction
Quote:
So, if you come in and offer to Save their Credit and maybe even give them a little money, and get rid of their headache and frustration...YOU ARE THE MAN...or woman!
If they already have so many mortgage lates that the property is going into foreclosure how do you save the sellers credit?
If you have 646 posts on here, I suspect that is a trick question.
I think the benefit to their credit is minimal for the reasons LACASHMAN stated. true it gets the foreclosure off their credit history. I am not adverse to paying 2K to vacate the house and move goods off premises
[addsig]