Real Estate Investing Forums

Real Estate Investing => Foreclosures, Short Sales, Tax Foreclosures => Topic started by: macskat on June 19, 2004, 08:05:41 am

Title: ???HELP!!!!!!!!!!!!!
Post by: macskat on June 19, 2004, 08:05:41 am
Newbie in need of help and guidance. ??? ???

-located property in process of foclosure due to go to public sale 7/6

Principle balance- $79,113.37
Total due by owner with fees- $91,451.55
House looks WELL maintained on outside.
sits on 1.5 acres ajacent to gulf course.
adv. home sale in area $114,000

If owner is unwilling to sell (incase I need plan B)
and I purchase note @ discount from lender to forclose myself what is the process of getting occupants out???

what is the difference in profit margin between buying now and waiting for public sale?
Title: Re: ???HELP!!!!!!!!!!!!!
Post by: tedjr on June 22, 2004, 07:07:48 am
Howdy Masckat:

Why buy this one at all?  There is not a whole not of equity. One you add up carry costs, closing costs in and out, hard money fees, rehab costs, the twenty thousand equity will end up at zero or near it. It may be a good deal for you if you plan to live in the house and want a deal a little under market. You may be able to get the bank to do a short sale prior to the foreclosure but you are running out of time and they may not even consider it since the home looks good from outside and there appears to be some equity.

The cost would be almost the same unless you have the cash to bring it current and do not need to get a new loan. You may save some on the attorney fees since they have not actually had to go to the sale. Either way you will need to pay the total costs involved including past due interest and taxes and appraisal fees, inspections fees etc.

You could wait too to see what they do with the property if no one bids at the auction and they will need to market it unless it is a Hud or VA or other type insured loan.

There are several options and one has to decide which way to go depending on the cash they have and the value of the property and the expected profit.

I hope this helps some. Be glad to help more if needed and I am able.
Title: Re: ???HELP!!!!!!!!!!!!!
Post by: foreclosuretrainer on July 24, 2004, 07:59:18 pm
competition will drive up prices at public sale. Inspect property first unless you like to gamble.