we already made an offer to the bank and it was accepted pending the owner signs a promissary note stating they would repay part of the monies due. It doesn’t look like the owners will sign, and it will go through the foreclosure process. What happens to my bid? Does it affect my bid when this forecloses, or is it just a technicallity? Bottom line, do I get the house?
This will be our house, not an investment.
probably not,
you may be able to get in line first and get the home at auction.
Dont know. But I wrapped a mortgage on a house in similar situation…it’s like assuming the loan, but you skip the bank and work directly with the owners. I paid about half for the house and lot, gave the owners a couple thousand for their equity, moved them out and some rentors in….worked out fine so far.
Been there. Bottom line is you will get it IF the bank feels they can’t get a better offer. I go to the banker and develope a relationship so they know I intend to flip it and pay it off so they make a profit.
I don’t understand the homeowners that think they can beat the system. I talked to one right up to D-Day and its like he felt he was waiting for the winning LOTO ticket.
Are you buying this property for personal use or as an investment? Your probably not getting the best deal on this unfortunately.
I would suggest trying to get the property in the pre-foreclosure stage so you can work with the owner of the property direct and not the bank. You can then negotiate with lenders with A Lot more leverage when you get the property in pre-foreclosure.
If you need a good coach to learn the process so you don’t get stuck paying more…I would recommend trying to get Chris Harris from http://scbuyshouses.com