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Started By
Message
how to pick up a foreclosure
Posted on 8/2/12 at 9:04 am
Posted on 8/2/12 at 9:04 am
I know a house is going into foreclosure soon,
what methods can I use to get it at the cheapest price possible? I understand that once a bank puts it on the market, you have already missed the best window, or am I uninformed?
thanks for any advice in advance.
what methods can I use to get it at the cheapest price possible? I understand that once a bank puts it on the market, you have already missed the best window, or am I uninformed?
thanks for any advice in advance.
4
Posted on 8/2/12 at 9:18 am to homeskillet
quote:
how to pick up a foreclosure
Lift with your legs.
Posted on 8/2/12 at 9:38 am to lnomm34
quote:
Lift with your legs.
I seriously laughed
Posted on 8/2/12 at 9:43 am to homeskillet
Just had to.
I'll let the MT experts actually answer your question. I have no idea of the process, just thought I'd inject some humor.
Posted on 8/2/12 at 9:48 am to lnomm34
A good friend of mine found out through the course of his Dad & Stepmother's divorce that his childhood home was actually entering into Foreclosure.
He called up the mortgage company, had his Dad authorize him to speak with them, & they told him if he brought the account up to date, everything would be fine.
So he had me write out a contract that he had his Dad & his stepmother sign in front of an RE attorney that stated if he put the money into the account to catch the note up and keep them both from going into foreclosure that he would assume all interest in the property.
His Dad just wanted out, and his stepmother wasn't smart enough to realize living in that house was a great deal compared to what she got. They both signed off. He paid the money.
Got some Home Depot windows installed throughout, repainted the interior, installed some Home Depot toilets, & sold it for a very pretty penny.
Gave his Dad some cash & pocketed the rest.
Wasn't all that complicated but he had a very agreeable owner in that situation. I'm almost 100% positive that some dumbass 20-something year old kid who studied a few foreclosure agreements & had closed a few mortgages in his life couldn't skate through 99 out of 100 of those deals with so little friction.
But that's my experience, anyway.
He called up the mortgage company, had his Dad authorize him to speak with them, & they told him if he brought the account up to date, everything would be fine.
So he had me write out a contract that he had his Dad & his stepmother sign in front of an RE attorney that stated if he put the money into the account to catch the note up and keep them both from going into foreclosure that he would assume all interest in the property.
His Dad just wanted out, and his stepmother wasn't smart enough to realize living in that house was a great deal compared to what she got. They both signed off. He paid the money.
Got some Home Depot windows installed throughout, repainted the interior, installed some Home Depot toilets, & sold it for a very pretty penny.
Gave his Dad some cash & pocketed the rest.
Wasn't all that complicated but he had a very agreeable owner in that situation. I'm almost 100% positive that some dumbass 20-something year old kid who studied a few foreclosure agreements & had closed a few mortgages in his life couldn't skate through 99 out of 100 of those deals with so little friction.
But that's my experience, anyway.
Posted on 8/2/12 at 9:53 am to GFunk
quote:Good info. I am looking at a similar situation. sister and soon to be x brother in law. She isn't on the note, I don't know what they put down, but if I could pick up w/ some equity, I most definitely would with the same goal in mind.
GFunk
Posted on 8/2/12 at 9:53 am to homeskillet
quote:
Lift with your legs.
Posted on 8/2/12 at 10:44 am to homeskillet
quote:
homeskillet
quote:
Good info. I am looking at a similar situation. sister and soon to be x brother in law. She isn't on the note, I don't know what they put down, but if I could pick up w/ some equity, I most definitely would with the same goal in mind.
She may be on the title. If she is then you've got a tad more leverage in that she's gotta sign off on whatever he does.
Tough situation because you never know just how mad they are at each other. In the situation I talked about, we were worried his stepmother-who was just a hard-boiled biatch who wouldn't know a good man if it slapped her in the face-was gonna bust the family's balls by not signing.
But that's when I just thought that it would make her feel "mo bettah" if we just looked up an RE attorney and threw him a $50 in exchange for us being able to sign it in his office.
Did the trick perfectly. Like I said, this was when I was 24 or 25 and literally screwed around on Google & got a few copies of some mortgages I closed to read some riders, notes, & mortgages to just sort've read up on what most big lenders did to protect themselves in the language of their documents.
I would not recommend doing this on your own. We sort've knew we could "outsmart" the mother who was simple-even if she was a biatch. Just winged it & it turned out aces for him.
Posted on 8/2/12 at 10:48 am to homeskillet
Don't let it go on the market if you can avoid it-you would then have to compete with people who might offer lower but offer cash, in which case you might not get it. Also, the process can drag out for months for everybody to sign off agreeing on the terms if it goes that far.
Posted on 8/2/12 at 11:07 am to Crbello4Hiceman
agreed, you must be paying cash to compete in the foreclosure market
Posted on 8/2/12 at 11:10 am to homeskillet
(no message)
This post was edited on 1/13/21 at 1:42 am
Posted on 8/2/12 at 11:13 am to Blackbeard
quote:Not out of the question.
agreed, you must be paying cash to compete in the foreclosure market
Posted on 8/2/12 at 11:19 am to homeskillet
The best way? Buy from the current homeowner. Say the house is worth 100k. He owes 50k. Offer him 55k. He walks away with 5k I'n his pocket and saves his credit. Win win.
This is obviously dumbed down but you get the drift.
This is obviously dumbed down but you get the drift.
Posted on 8/2/12 at 12:27 pm to I Love Bama
(no message)
This post was edited on 1/13/21 at 1:42 am
Posted on 8/2/12 at 12:53 pm to bigblake
I'n that scenario you would be best served by a short sale.
Posted on 8/2/12 at 1:14 pm to bigblake
quote:
bigblake
quote:
I guess I live in different markets than you guys. Ours are always; guy owes $400k and house worth $300k, etc...
There are some of those but not as many. I'm in the Denham Springs/Baton Rouge area.
Posted on 8/2/12 at 3:01 pm to I Love Bama
quote:
The best way? Buy from the current homeowner. Say the house is worth 100k. He owes 50k. Offer him 55k. He walks away with 5k I'n his pocket and saves his credit. Win win.
This is obviously dumbed down but you get the drift.
wait why would someone sell their house for 50% of the market price?
Posted on 8/2/12 at 3:09 pm to C
quote:
wait why would someone sell their house for 50% of the market price?
Bc they can't make payments/behind on mortgage = foreclosure/going to lose the house
Better to be with no house and $5k than no house and $0k
Posted on 8/2/12 at 3:12 pm to ATL TGR
quote:
Better to be with no house and $5k than no house and $0k
This.
Posted on 8/2/12 at 9:02 pm to GFunk
quote:
There are some of those but not as many. I'm in the Denham Springs/Baton Rouge area.
I do inspections in Jefferson and you would not imagine how many we have
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