OfflineHello everyone,
Ok, here's what: I got a found a good solid house in a good neighborhood. The guy is asking about 90,000 with a realtor right now. He is leaving the country in a month. I verbally offered $54K through my agent and was turned down. Upon talking with the homeowner, this is what I found out. He was awarded the house in a divorce a few years ago and has made all the payments, not missing one. Unfortunately for him, he never put the mortgage in his name and it was in his ex-wife's name only. She filed for bankruptcy and never told him. Now he has six months to get rid of it or it will go into forclosure even though he has been making the payments, (which I don't understand)because it was not protected in her bankruptcy I guess and he never refinanced.
In 2003 he paid $75,000.00 for it. He said he with what is owed and realtor fees, he can't go much lower-maybe a few thousand. He has to live of the equity when he lives the country. He said doesn't want to loose it and is banking on selling it. He cannot Contact for Deed because of the bankruptcy thing. Not sure what do here and have no money of my own to pay that. Would make a great little rental and possibly have a renter for it. Is there something here? Or should I move on?
Thank you for your advice.
hillvalley
Congratulations on looking into this potential deal. Sometiem it is better to find a deal with less unknowns and issues if possible. I have my own rule that I do not want to spend too much time on one deal because I may miss 3 other go by. Good luck. Believe and Achieve!
- Joe
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Indiana-Joe,
Thanks for your insight. I am excited to be moving forward. I am greatful to you in answering my questions when they pop up. I know there is no better place than here to find my answers. A couple more for you if you don't mind. When I find REO's, my agent says the bank wants them in writing. Do I do this through my agent to their agent or directly to the bank? I don't want to step on anyones toes. When I view these through my agent isn't rude not to make the offer through her? Also, I see on some of the REO listings that the bank wants preqaulifed buyers if not paying cash for the sale?
Any thoughts on all this is greatly appreciated.
Thank you for letting me pick your brain.
hillvalley