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Realtor's role? Advice, however I have learned more on my own that she has been able to provide me with.
What does she get out of it? Nothing, but when I find and purchase the home I'm seeking, wherever and whenever that might be, she will get the listing on the condo.
That is how I found her, she specializes in selling condo's in the community ours is in, and has had great success getting top dollar for them...
Next plan, I found out the present owner's name and phone number. Going to call and see if I can buy the debt and eliminate the sale. Probably won't happen, but I pull out all the stops when on an adventure...
Nothing ventured, nothing gained. Life is an adventure...
Well, that's certainly a lot better than having more dollars than sense!
Another thing that you should check is whether the owner has a redemption period after the auction. Also, is the house still occupied? Evicting an occupant who is unwilling to leave can take considerable time and money...plus it could put the house at risk of serious damage.
Quote:
Originally Posted by Nayabone
Next plan, I found out the present owner's name and phone number. Going to call and see if I can buy the debt and eliminate the sale. Probably won't happen, but I pull out all the stops when on an adventure...
Nothing ventured, nothing gained. Life is an adventure...
If there's time, it might be possible to buy the property from the owner. The sales proceeds could be used to pay off the mortgage as in a typical sale. Timing could be an issue, though. I would caution you not to rely on your agent's advice as to the legal process involved. I think you'd be better off dealing with a real estate attorney who has experience with foreclosures. If you choose to go forth, you'll need to go through all of the normal due diligence procedures...and then some. This is truly a situation for Buyer beware!
Well, that's certainly a lot better than having more dollars than sense!
If there's time, it might be possible to buy the property from the owner. The sales proceeds could be used to pay off the mortgage as in a typical sale. Timing could be an issue, though. I would caution you not to rely on your agent's advice as to the legal process involved. I think you'd be better off dealing with a real estate attorney who has experience with foreclosures. If you choose to go forth, you'll need to go through all of the normal due diligence procedures...and then some. This is truly a situation for Buyer beware!
Follow up, got the owners name and and called, phone disconnected. Went by the home and did a visual inspection. Opened the gate, looked around, peeked into the rear sliding door. Was surprised to see a lady looking back at me. I thought the home was vacant, but with only a week left before the auction, there was no evidence they has any plans on moving any time soon. I left before I got shot.
Next day I went back and knocked on the door, planning on making them an offer to pay off their loan and give them a finders fee to make moving easier. No answer. Last ditch effort before giving up, I printed out a note with my proposal on it and placed in on their front door. Even offered him a cash bonus after papers were signed and he was relocated.
That was yesterday and have heard nothing yet, and don't really expect to, but had to give it my best effort before admitting defeat.
The auction is next week and wife doesn't want me to bid and essentially be buying a pig in a poke, so I can now rest easy knowing I gave it my all. If it were to be purchased by a flipper, I will go by while they are working on it and see if something can be worked out on that end. In the mean time, something else might pop up.
Had they responded, my plan was to do a title search and contact a foreclosure attorney for, not only advice, but to draw up a legal contract in dealing with the owner, to remove all risk.
In the mean time I shall continue my search and wait for a similar home to come up for sale. I want to live in that neighborhood in that model. If another one that fits my criteria pops up I will seriously consider it. I'm not necessarily looking for a foreclosure, but that is the only one that has been available in the area I want to live in. Patience is a virtue, I shall overcome...
I guess time has passes since them, but you can attend the auction to see how it goes without bidding. I would possibly buy a foreclosure, but only if I was allowed to go in and see it for myself. I would never buy a home at an auction without seeing what it's like inside.
I guess time has passes since them, but you can attend the auction to see how it goes without bidding. I would possibly buy a foreclosure, but only if I was allowed to go in and see it for myself. I would never buy a home at an auction without seeing what it's like inside.
In a foreclosure auction, there is no chance you will be allowed to see the condition before you have the bill of sale in your hot little hand.
It's up to the buyer to do his due diligence and find out if there are any liens or anything other problems that may arise. Homes are sold as is, buyer assumes all responsibilities.
The auction home can be a lot cheaper but the risks are high..
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