I’ll try and set up the specific situation and you guys tell me what the odds are so I don’t spend the next 2months in self tortured agony over a non reality.
The house I’m lusting after is tax assessed at 620,000… zillows at 545,000 and of course is going up in a tax foclosure for a mere 27,500. The thing is the bank also forclosed on it’s main morgage 30 days ago. Bank bought it of course. 850,000 loan bloated dollars. The previous owners still show on all the county title stuff. The bank will have about 60 days before it is tax forclosure auctioned. Will they pay the taxes and assume control over the property or will it still go up??? If it does go up with the county… what are my realistic odds of aquiring it??? Pitfalls??? Is it possible to give a way below offer right now and also pay the tax debt??? What are my options?
Its a WA state auction for _____ county. I have 125,000 cash to spend and possibly more say a max of an extra 75,000 that I could pull together if I absolutly had to. This is not bank lent money and I don’t want to go there either. I’m a lowly teacher so… while I have cash… I still have to stay out of debt because my income is only around 60,000 with a second job. My wife stays home with the three kiddo’s in a small house. I don’t know how many of you have experienced a small single bathroom with 5 people, but I’m ready to assasinate my self. We’ve thought of all the remodle options, but I just dosent seem to make good financial returns sense… expecially not in this market where I’m not even sure I could sell my house.
Thanks for taking the time to read this!