Need Help
I found a property appraised at $350,000, talked to the seller, he owes $262,000. He lost his job but has managed to bring the note current with credit cards. He found a new home in another state. Home listed with Realtor.
He says home going to foreclosure sale 5/19. I've read all sorts of things about how to buy properties without any money.
This property is about 200 miles from me so I don't know the market there.
What should I do and how should I do it? How can I get this property with no out of pocket money and what do you suggest I do with it after I get it?
Apparently the house hasn't had much activity or it would have been sold by now.
It's in excellent condition, of historical value and has a rental, carriage house that rents for $1000 a month.
Thanks,
Darlene
Need help ASAP, clock ticking
Questions,
Hows your credit, how much money do you have to work with?
If you are unknowledgeable about the market how do you know what this house is worth? I'd worry about a house with this much alledged equity being listed and this close to foreclosure.
If he brought the mortgage current with credit cards the sale would not be scheduled for 5/19.
Got copy of appraisal, $350,000. I have a call in to him regarding the tenative foreclosure date. That didn't sound right to me either. I also got the lenders name and number and plan on calling them tomorrow to find out the real scoop.
Thanks for responding,
Darlene
1st things 1st---get an authorization to release information signed by the homeowner and fax it to the bank. They won't talk to you without that.