[Milfordlol]

Hello everyone, I have been renting a condo in Bridgeport for about 9 months now (lease ends Sept 1st) and I knew the property was heading into foreclosure when I signed the lease and now (may 18th) I finally got a letter saying I have to pay the Mortgage company instead of my landlord, okay I am fine with that.

After I began thinking, I believe it would be a smart idea if I try to buy the place as I should be able to get a good deal from the bank because it is foreclosed and I have already been living here, making my payments on time every month, etc.

Say the condo was bought for $110k -ish, lots of it was paid off and now it is foreclosed. How much realistically can I be expected to pay for it?

How much should I be looking to put down (I have average+ credit)?

Would the bank give me any additional discounts or such as I know they don't want to hold onto it and it would be a fast sale because I already live here?

I am new to all this and trying to figure out my options.

Thanks.

[blakesq]

talk to a realtor. also, how are the other condos doing in the complex, are they also being foreclosed on? are any of the other condos uninhabitable, or have they become crack dens? when was the $110K paid for the condo? If it was around 2007, then its worth probably 30% less. If it was around 1980, then it could be worth 300% more.

Originally Posted by Milfordlol

Hello everyone, I have been renting a condo in Bridgeport for about 9 months now (lease ends Sept 1st) and I knew the property was heading into foreclosure when I signed the lease and now (may 18th) I finally got a letter saying I have to pay the Mortgage company instead of my landlord, okay I am fine with that.

After I began thinking, I believe it would be a smart idea if I try to buy the place as I should be able to get a good deal from the bank because it is foreclosed and I have already been living here, making my payments on time every month, etc.

Say the condo was bought for $110k -ish, lots of it was paid off and now it is foreclosed. How much realistically can I be expected to pay for it?

How much should I be looking to put down (I have average+ credit)?

Would the bank give me any additional discounts or such as I know they don't want to hold onto it and it would be a fast sale because I already live here?

I am new to all this and trying to figure out my options.

Thanks.

[JayCT]

First you might want to try and post this question on the Foreclosure Boards of the Real Estate forum here.

You also might talk to the bank about what they are doing with the property. If they are selling you might see if they will do a quick closed sale just to get it off their hands. Be prepared though for a long process. Good luck, Jay

[jdhall1]

Have a local agent pull comps for you. Many communities are not longer FHA approved, but you can get conventional loans most of the time for 5-10% down. Talk to a mortgage broker tooo in case this property won't work out.

[elvisluvs]

With a little effort- you should be able to find out what is owed. Maybe I shouldn't be asking... should you be looking outside of Bridgeport? GL-m

[Milfordlol]

This is the luxury upscale condo in downtown Bridgeport, not some crack ridden **** hole. 100% of the units are taken. $115k was paid by a buddy of mine about a year and a half ago.

I will post on the real estate forum, thank you guys!

[parentologist]

check out zillow and trulia for recent sales of comparable units. Look at Bridgeport's property records on line, too for info. Consider that you could offer the bank about 10% less than market value, since it's a quick sale with no conditions, no commissions. However, in most situations, the bank is so big and moves so slowly and is so bureaucratic that there is no dealing with them. It will be difficult to even find the right person to approach at the bank. Meanwhile, look on line for what you can do to improve your credit rating as quickly as possible. Save like crazy for a downpayment. If you're going to borrow from family, don't borrow and put a big sum into your checking account - banks will know it's borrowed. Instead, live on the borrowed money and put your entire paycheck into your account and don't take anything out.

[AmyBergquist]

Originally Posted by parentologist

check out zillow and trulia for recent sales of comparable units. Look at Bridgeport's property records on line, too for info. Consider that you could offer the bank about 10% less than market value, since it's a quick sale with no conditions, no commissions. However, in most situations, the bank is so big and moves so slowly and is so bureaucratic that there is no dealing with them. It will be difficult to even find the right person to approach at the bank. Meanwhile, look on line for what you can do to improve your credit rating as quickly as possible. Save like crazy for a downpayment. If you're going to borrow from family, don't borrow and put a big sum into your checking account - banks will know it's borrowed. Instead, live on the borrowed money and put your entire paycheck into your account and don't take anything out.

What Parentologist is describing is mortgage fraud. I'd highly recommend against that. If family is giving you a "gift" of money there are special guidlines that need to be followed. Ask your lender for specifics.

[elvisluvs]

Hi ML - I didn't say crack ridden. The point was the continuing costs of living in a bridgeport; namely the taxes. Sometimes initially a low purchase price is a great bargain. But in the long run, it may cost you as much or more than if you spent more initially. I also raise the point to ask what will be the possible resale value when you go to sell. These may not be concerns of yours, but I would imagine there could be other potential buyers reading this thread. Take care-m