OfflineWe found another house but, I do not know how to make an offer.
After everything we went thru on the last house, I am willing to try one more time.
Here is the scoop: There was a group of people who came here from CA. The bought ALOT of land and began to build homes. Somehow, all financing was lost. These people filed bankruptcy and put two local contractors in bankruptcy too.
Many homes are partially built, some are completely built. We found one last weekend which is just about completed. The land is terrible with horrible run off. The drywall in the garage is black because the water comes under the door but, the house is VERY elevated above the garage so, no mold near the HOME.
Now, I have tracked the owner to CA. I have his address. He is foreign and speaks very little english (per local people who knew these men who built these homes).
All of these properties will go into foreclosure. One has already gone tru and sold (for 15K OVER FMV). One is scheduled for auction on 10/28. THE ONE WE WANT is just in limbo. No foreclosure auction scheduled as of today.
These homes were built in 2007 and are all vacant. How do you experienced folks recommend handling this? Send a letter to the owner/builder making an offer? Possible short sale?
I do NOT want this to hit auction or the REALTOR after what we just went thru.
I want to offer my same 35K CASH. House would be worth about 100K IF it did not have the flooded garage and if the front hill was not all washed into the road. It would need to be terraced and a retainer wall put in. The home is not completed. No appliances and the carpet has not been installed. It is also "partially" painted.
Your suggestions please ?????
~~~~~~ Praying for our dream house ~~~~~~
contact the owner to see about doing a short sale with the bank or ask the owner to do a Bond for Deed.You will not have to put all your money up front with the Bond for Deed,if accepted you put down a deposit of about 3-5k and you pay the mortgage payment until you can refinance the property.you will get the deed to the property,but the Mortgage loan will stay in the current owners name until you refinance or sell the property and pay off the exsisting Mortgage.Get an attorney to handle the contract and setup an escrow account,you make the mortgage payment to the attorney and he will make payment on the loan through the escrow account setup.One last thing DO THE COMPS ON THE PROPERTY!! Hope this helps.
Good Luck & Good Investing
whurndon
H&H PROPERTY SOLUTIONS LLC
For the Bond 4 Deed...this would be on his EXISTING mortgage right? I believe his existing mortgage is probably pretty high. We currently own a home w/a mortgage so, we could not handle paying his mortgage PLUS ours.
I think the short sale is the only choice for us. If he can understand what a short sale is. As I said, they are from Romania (or something similar) and the language is a barrier. I believe I am going to contact him in writing, attach some photos of the garage, property with the "ruts" thru the front yard, and the big tree limb over the roof so he can see the current condition. He has not been here in a couple years so maybe he don't know and this can help justify why I am making a low offer. Maybe send him some information on short sales to help explain.
It probably will not fly but, it is worth asking. What is the worst he can say....no. Heck, we already heard that and this property I have no real "emotional" feelings with it. The house is nice but, the lot is terrible so, if it don't go, so what. If we do get it, we will probably satay a year or two and fix the problems ------ then sell it.
~~~~~~ Praying for our dream house ~~~~~~