Purchasing 2nd Mortgage At A Discount
I don't know where I should be posting this.
I was trying to get a property which was up for foreclosure auction, for our retirement "dream home". It was postponed several times then was cancelled. I talked to the owner about buying and he wants enough to pay off the 1st and 2nd mortgages, but it seems to be about $15,000 too high.
My question is, can I somehow buy his 2nd ($45,000) at a discount of $15,000 less so I can afford remodeling and he can get his mortgages paid off?
Thanks for any information!
Terry
It is possible to buy it for a shinny new quarter. What will they take is another question. If you approach them with all the information they ask for in a normal short sale package they may accept a discount. Send pictures of the property that show all the remodeling that needs to be done along with a high but reasonable detailed estimate of the work. Get comps to show what other properties in that condition have sold for. Do your homework and you will have a great chance. Be sure to get it under contract with the owners at the reduced price and sens a copy of the contract too. Be sure to ask this board if you need more help.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr