I had someone call on one of my ads with the following problems. Due to some medical problems they went thru a bankruptcy- chap 13, while clearing it up the mortgage company foreclosed their house and bought it back in Oct. They went to court eariler this week and were told they have 45 days to get out. A realtor for the mortgage company came by and valued the house around $169K and they owed $135K. They want to stay and rent it or rent to own if possible. They said they can pay $1500 a month for rent . My question is ,is it too late to do anything due to the foreclosure or do I have to wait for it to come on the MLS?
I’m thinking that since the lender owns it, you could contact their REO dept and talk with them before they list it. See if they have already hired a broker. If so, get the brokers info and give them a call. If not, maybe you can negotiate a buy price from them still. I wouldn’t hold my breath though. Since they foreclosed they’ll be trying to get much closer to market value to recoup their costs. But it might be worth a shot, especially if you can show them that houses are sitting on the market in your area for a long time.