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Old 06-01-2011, 08:21 AM
 
Location: North Texas
2,482 posts, read 6,531,347 times
Reputation: 1726

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Okay here is the deal- I know that there is a foreclosure in my neighborhood. The owners took off and went out of state. It has not been listed for sale yet. How can I make an offer to recoup this property? I am willing to purchase it as is for cheap. Please someone stir me in the right direction.

I have searched the records and found the lender- however they are not very responsive to me. I was told they have thousands of forclosures nation wide and narrowing down to one is impossiable....but I figured since it needed lost of work I would make a nice offer and take it off their hands.


Please help.
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Old 06-01-2011, 08:30 AM
 
Location: DFW
621 posts, read 1,333,073 times
Reputation: 311
Just wait till a sign goes up. if you're close by you'll se it right away and make an offer
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Old 06-01-2011, 08:32 AM
 
6,818 posts, read 14,029,650 times
Reputation: 5746
I can answer this question for you since this is what I do for a living. The lender can not work with you until they take the property back. The property is still owned by the homeowner and he/she is the only person who could sell it to you. Your best bet would be to contact the homeowner and see if you can get it as a short sale. If the bank forecloses the property has to go to auction first. If a acceptable offer is not received the lender will take the property back and it will be listed with a realtor for sale. In most cases a lender will not let the property go for less than 90% of the appraised value. If you really want the property locate the homeowner. There is a good chance that the property will sit vacant for a year before the bank ever forecloses.
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Old 06-01-2011, 08:43 AM
 
Location: North Texas
2,482 posts, read 6,531,347 times
Reputation: 1726
shoot- the owner is long gone, can not be located. I have been watching the county auctions website for some time now. I really want to jump on this home. I am totally willing to purchase as is even at 90% of the appraised value. I have money in hand, but I don't want to wait a year. Is there any other possible way???
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Old 06-01-2011, 08:47 AM
 
57 posts, read 160,634 times
Reputation: 66
Quote:
Originally Posted by lqqkout View Post
shoot- the owner is long gone, can not be located. I have been watching the county auctions website for some time now. I really want to jump on this home. I am totally willing to purchase as is even at 90% of the appraised value. I have money in hand, but i don't want to wait a year. Is there any other possible way???
no
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Old 06-01-2011, 08:58 AM
 
Location: North Texas
2,482 posts, read 6,531,347 times
Reputation: 1726
The owner that left the property because he was bitter. He lost his job and the bank would not longer work with him. He met a girl and moved out of state- promising to trash the home. Which he and his kids did. From the outside it doesn't look bad the inside is a different story. Us neighbors have been mowing the yard and such for several months now. I just sure wish I could buy this home.
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Old 06-01-2011, 09:02 AM
 
57 posts, read 160,634 times
Reputation: 66
I wish I could win a million bucks.....
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Old 06-01-2011, 09:09 AM
 
1,004 posts, read 3,754,626 times
Reputation: 652
You can't buy what's not for sale.
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Old 06-01-2011, 09:18 AM
 
Location: North Texas
2,482 posts, read 6,531,347 times
Reputation: 1726
Quote:
Originally Posted by Cowboys_Fan2010 View Post
I wish I could win a million bucks.....
Yeah me too....not asking for smart--- comments thanks for the info people
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Old 06-01-2011, 09:19 AM
 
Location: North Texas
2,482 posts, read 6,531,347 times
Reputation: 1726
Quote:
Originally Posted by galore View Post
You can't buy what's not for sale.
Got it- just trying to check my options. And BTW EVERYTHING/ANYTHING is for sale for the right price.
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