I bought a condo in TX, thinking it was a good deal. i called the sales office to check make sure i am buying it below the market.
after two months later i still cannot sell the property, i found out that i over paid $40K
now, if i want to rent, i will go $1200 negative a month.
i really messup big time. my frist deal.
SHOULD I GO IN FORECLOSURE ?? ( i can still use my girlfirend and my parents credit )
i do have $15,000 in saving , if i go into foreclosure will they see that and ask me for money??
or should transfer that money into my girlfriend’s account?
i dont really have a choice but to foreclosure. i do not have $40K, and i do not want to lose the $15K i have saved for YEARS!!!
i guess my question is what if lender obtain deficiency judgments and i do not pay for it.
PLEASE HELP… I AM ABOUT TO CRY RIGHT NOW.
I am sorry to read about your predicament.
I am no expert by any means, but you could use that condo as your primary residence and sell your house.
I am wondering about the sales office, have they given you false information? If that is the case you could ask them to retake the property otherwise you will file a complaint.
Since I do not know the situation what I have written might not be applicable at all.
Texan to be
i cannot use it as primary residence because i live in California.
i cannot put sales office on the spot because they did not sell me the property. this was FSBO.
Did you purchase this property with a conventional loan?
Did the lender appraise the property?
I would find a T/Ber for the property (LEASE OPTION) get some money out of it, than sale for what its apraised at. OR you could find
someone to purchase the property subject 2… That way you don’t have to foreclose on it!!!
Maybe even run an ad in the paper “EASY FINANCING! NO DOWN PAYMENT, OWC!!”
just to get out from under it!!!
Hope this helped a littled
GOOD luck with whatever you do!!!
This post answered my other question about why you do not like Texas. Do not blame Texas for this mistake. I just bought some apts and will make $150,000 profit fixing them up. I am buying duplexes and renting them for positive cash flow. I too bought a condo and lost money. It was only $28,000 and appraised for $58,000 after fix up. I got behind on the payments and could not sell it to anyone at any price and gave it back to the lender. Sounds like you too have no other choice. How far are you behind if you are? WOw $1200 a month negative if rented. It must be an expensive place, near UT perhaps?
Find an investor in your area, they might be able to buy it sub2, and yes I think it would be a good idea to put that money into your gfs name.
Sounds to me like you need to buy more before your credit goes down hill!
That is what I would do to be honest!
if i have 30K in my bank account will they come after me? (i am planning to write a check to my firend for 10K to get it out)
how many months behind are you?
none yet. should i call them for short sale after like 2 months late??
if i call them now, i dont think theywill let go
That is correct they will probably not! Why are you not just buying more? you would be 1200 per month upside down on that one! if you bought 5 more say and cash flowed 300 per month on each you could get a PM and break even every month on all of them I mean if you think you are going down try to turn it around if not go out with a bang!!!That is what I would try! ;D
i think it is really hard to cash flow… not anywhere i looked.
even in places like SLC, i still wont cash flow with 90% down
Dennydo it was great talking to you hope it helped!
We bought a house once and got a buyer who put down the down payment and then backed out (found out later they were shady and had some legal problems). The house we found out needed mucho repairs
We had financed it conventionally.
To get out from the monthly payments we put an ad on a local bulletin board “no down payment, take over payments” and wiithin an hour had a buyer. Not only did they take over the payments but he then sold some land he was left and put in a new electrical system and plumbing system and made all the repairs. They had been living in a shack for 6 years before that without elec. or water or plumbing and think we are saints for letting them buy it. They also used to give us 5 checks in advance for the payments so they would be sure to get them on time! They have since obtained financing and bought the house.