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Started By
Message
Anyone familiar with buying a Freddie Mac foreclosure?
Posted on 4/21/16 at 5:38 am
Posted on 4/21/16 at 5:38 am
This may be too limited info to answer the question but it's all I have now.
I am looking to buy my first rental property. I want it close to my home so I can stop by quickly if anything is needed.
(This part is sad for the single mom that currently lives there)
However, A nice little cottage in my area has gone in foreclosure. I found it on a real estate site. Drove by it and ran in to the neighbors and they said the owner is still living there and will not answer her door and has said "I am not leaving" for the last 3 months. She has quit paying her mortgage, community fees, taxes, etc. law enforcement has been there multiple times to serve her the eviction notice and she won't answer the door. I feel bad for the lady, but the situation is what it is and it does not seem anyone can help her.
Back to the house questions.
1. How long can it take before the house is empty?
2. My understanding is that the federal loan program will come in and repaint and repair and even update appliances, etc. I would rather do all of that myself and pick the items out. Is there any way to buy the home BEFORE the come in and rehab it?
3. Do I just have to sit and wait until the property has a sign in the yard?
4. Can she still come in and buy it back if her finances change?
Sorry for so many questions. I am new at this.
I am looking to buy my first rental property. I want it close to my home so I can stop by quickly if anything is needed.
(This part is sad for the single mom that currently lives there)
However, A nice little cottage in my area has gone in foreclosure. I found it on a real estate site. Drove by it and ran in to the neighbors and they said the owner is still living there and will not answer her door and has said "I am not leaving" for the last 3 months. She has quit paying her mortgage, community fees, taxes, etc. law enforcement has been there multiple times to serve her the eviction notice and she won't answer the door. I feel bad for the lady, but the situation is what it is and it does not seem anyone can help her.
Back to the house questions.
1. How long can it take before the house is empty?
2. My understanding is that the federal loan program will come in and repaint and repair and even update appliances, etc. I would rather do all of that myself and pick the items out. Is there any way to buy the home BEFORE the come in and rehab it?
3. Do I just have to sit and wait until the property has a sign in the yard?
4. Can she still come in and buy it back if her finances change?
Sorry for so many questions. I am new at this.
This post was edited on 4/21/16 at 5:39 am
1
Posted on 4/21/16 at 11:35 am to SECdragonmaster
quote:
4. Can she still come in and buy it back if her finances change?
Not unless she finds a sugar daddy or has cash. Her credit so fricked up right now she couldn't by rubber dogshit for a nickle a pound.
Is it listed with an Agent? If so contact them and see if you can make a deal. You can a fixer up loan with Freddie mac at a pretty good interest on Homepath homes.
Posted on 4/21/16 at 12:33 pm to lsufan1971
quote:
Is it listed with an Agent? If so contact them and see if you can make a deal.
no agent yet.
I only know its a Freddie Mac loan because of the site the foreclosure was reported on.
I am so new to this, but it is a great little house. I really want it. I am willing to pay up to market value (minus the rehab needed to get it ready).
Any help is appreciated.
Posted on 4/21/16 at 2:14 pm to SECdragonmaster
what was the website? I don't know of any program that the federal government does that fixes the house before selling it. There is a program to buy Freddie Mac foreclosures called homepath. it allows investors to buy the house with 10% down and no PMI but they do not repair the house. that is the bad part about foreclosures they are sold as is.
Posted on 4/21/16 at 4:21 pm to hawkeye007
I was just looking on zillow, realtor.com, etc and one of them had the loan type listed in the margin.
I will look in to the homepath website.
Thanks.
I will look in to the homepath website.
Thanks.
Posted on 4/22/16 at 11:46 am to SECdragonmaster
It is worth your five minutes to go and talk to her, if she does not answer leave a professional note and tell her that you will buy the house from her for X-amount. You could even tell her you'll buy the house for X-amount plus say $2,500 cash to help her move. You have nothing to lose in that instance.
Otherwise its a waiting game, and you have to still bid it properly to buy it. I'm pretty sure they prep the house before it hits the market, so you won't be able to get around that.
The other option is to go to the bank that has the note and tell them you want to buy it. Not sure what your chances are and if its a national bank you probably won't get anywhere.
Otherwise its a waiting game, and you have to still bid it properly to buy it. I'm pretty sure they prep the house before it hits the market, so you won't be able to get around that.
The other option is to go to the bank that has the note and tell them you want to buy it. Not sure what your chances are and if its a national bank you probably won't get anywhere.
Posted on 4/22/16 at 12:25 pm to baldona
quote:
The other option is to go to the bank that has the note and tell them you want to buy it. Not sure what your chances are and if its a national bank you probably won't get anywhere.
Solid advice. My brother bought the house next door to him in a similar situation. He only kept it so he could have control over his future neighbors. The bank usually just wants to get rid of it.
Posted on 4/22/16 at 8:56 pm to baldona
Thanks
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