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Old 05-13-2008, 02:14 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,114,595 times
Reputation: 7018

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Well..... I have a update.

House is going into foreclosure. I did get into the public records info. OMG!!!
This has been going on for a very, very long time. All kinds of stuff in this woman's records. The last of it is foreclosure sale. Asking price is what she owes.

What do you guys suggest at this point if I wanted to buy this house? What kind of offer could/should/would I want to make?

Then again...... do I have to refinance my house so I can have $$$ for the new house? Then try to sell my current, rent it in the meantime, or just try to keep both?
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Old 05-13-2008, 02:48 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,871,515 times
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Ok, so then the situation is the first senario. She's put in 'trust' to the we buy ugly houses people. They hold the deed, they are trying to sell it as they work something out with the bank (short sale), and then take the profits.
As for the rest of it, you'll have to get with someone who does financing and go over it with them what it would cost, which way is the most advantageous to you to finance it.
Then, will the rent cover your carrying costs? You'll have write offs on your taxes for the investment property, but you won't be able to homestead it, so that will affect the taxes...although, there is a cap on second home taxes too.
Lots to decide.
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Old 05-13-2008, 02:55 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,114,595 times
Reputation: 7018
Quote:
Originally Posted by palmcoasting View Post
Ok, so then the situation is the first senario. She's put in 'trust' to the we buy ugly houses people. They hold the deed, they are trying to sell it as they work something out with the bank (short sale), and then take the profits.
As for the rest of it, you'll have to get with someone who does financing and go over it with them what it would cost, which way is the most advantageous to you to finance it.
Then, will the rent cover your carrying costs? You'll have write offs on your taxes for the investment property, but you won't be able to homestead it, so that will affect the taxes...although, there is a cap on second home taxes too.
Lots to decide.

You're not kidding! I've never gotten into anything buying/selling this complicated. I've done my own FSBO 3 times but they were all very clean and smooth - by sheer luck I think.

I just posted another question on the RE Pro forum.
Can you look at that and see if you have any ideas? I was toying with the thought of re-financing mine to get the $$$ up front for the neighbor's house, and making that one my primary/homesteaded property and my current the investment one and rent that until it sells.

Also, my bf could be a 1st time home buyer and buy my current one, except that he couldn't do it on his own. It would need to be joint and for that, I'd rather be alone on both - if I can swing that.

You know, I haven't even seen the neighbor's house inside! LOLLLL

I just know her master bedroom is 20 x 20 and I have two dogs and 4 cats and we all sleep in the same room!

After looking at all the info in Public Records, I am soooo surprised by all the things on there. She's got a heck of a history!
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Old 05-13-2008, 06:09 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,871,515 times
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Public records can be a regular hoot. You are correct, it's amazing what you can find in there.
You might want to post your questions about the financing and such in the mortgage section. There are mortgage brokers, bankers and some investors on there that might be able to give you some direction. Of course, talking to someone in your area that knows the market might be the better route.
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Old 05-14-2008, 10:10 PM
 
610 posts, read 2,718,370 times
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If you do purchase make sure you know of all liens on the property and the amount of back taxes owed. This things can creep up on you and cause a huge headache. If the "we buy ugly houses" people are the ones who "own" it I'd get a real estate attorney on your side if you proceed. Good luck to you.
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Old 05-15-2008, 08:27 AM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,114,595 times
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Quote:
Originally Posted by irish setter girl View Post
If you do purchase make sure you know of all liens on the property and the amount of back taxes owed. This things can creep up on you and cause a huge headache. If the "we buy ugly houses" people are the ones who "own" it I'd get a real estate attorney on your side if you proceed. Good luck to you.
Well I know she hasn't paid 2007 taxes. I haven't even seen the house inside but this might be one of those "opportunity" things.

The trustee's card says "I buy houses" (not the Ugly houses people) and I think she's with the bank that now owns the house.

Yesterday I remembered that my credit union is connected with a lender and I spoke to the rep yesterday. He was supposed to speak with the underwriter and get some answers for me. This will have to be a investment home, vs 2nd home, because of the proximity (right next door) and there are differences in rates, etc. Also, we'd have to see how I'd make the new house the primary and when.

It's all kind of mush in my head right now but I need to know the financial picture before I even really consider the neighbor's house seriously. I want to go in there prepared. Oh and yes, the credit union's lender has attorneys and all. I actually used them for my first house/mortgage and I had forgotten all about them.
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Old 05-16-2008, 01:37 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,871,515 times
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Quote:
I think she's with the bank that now owns the house
well, isn't that one heck of a racket. she works for the bank, doesn't have a re license and therefore has to put them in 'trust' so that she can sell it. and she's more than likely pocketing one heck of a profit. I sure would love to know if she reveals that she's tied in with the bank that holds the mortgage. Wonder if her employer even knows she's doing this. By the way, I thought you said the house was in foreclosure, not that the bank already foreclosed and owns the house.
Then again, I'm often looking at the sneaky possibilities and I'm sure it's uncalled for and it's all being done above board.
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Old 05-16-2008, 01:56 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,293 posts, read 16,114,595 times
Reputation: 7018
Yeah, I don't know.
I'm going to see the house inside tomorrow. She's having another open house.

Here's what I saw. There was a "foreclosure" cancelled in February and postponed until April 20, 2008.

This woman bought the house as a "investor". So TECHNICALLY she owns the house and not the bank so TECHNICALLY it's not a bank owned foreclosure.

Happens that the lender I spoke with yesterday knows her. She has a ton of houses she resells.

I don't know how she does this, nor does the fellow I spoke with yesterday to run my numbers. The woman is asking for exactly the amount that is owed and in some sort of "foreclosure". How does she buy, and sell, for what is owed? Where's her profit?

There's gotta be something going on behind the scenes that we can't figure out.

The way I would have to buy this is by refinancing my house and buying the other afterwards as owner occupied and then that's my homesteaded property and I would rent mine eventually trying to get it sold.

I'm petrified though about two big mortgages at once. What if I'm out of a tenant for a month, or I have to evict them? What about if homeowners ins. goes to 7K again for me? What about if SOH portability falls apart and my taxes triple?

I think I'm going to just leave well enough alone and stay put. After all that!
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