gotta question for those in the know…i’m currently renting a condo in CO, and the owner is about to go into foreclosure. according to the bank and the property mgmnt, they haven’t been able to get ahold of the owner for 90 days, which is up at the end of this month. Neither will give me any info on the guy, so i can try to purchase this property before it goes into foreclosure. My question is, how do i get this off the banks hands, so they don’t have to foreclose on him and spend all that money. I’m afraid if it goes into foreclosure, the bank will try to sell it closer to FMV. The condo’s FMV is close to 400k, and the guy bought it 18 yrs ago for aroudn 70k. Any ideas on how to get this property, before it goes out in a competitive bid?
yes, the checks are being deposited by the property manager, but they cant’ seem to locate the owner, nor can the bank…after this month, the bank will take it into foreclosure, but i’d rather try to get the property (at a steal) before it goes to the bank for public auction…
I would hire someone to find this guy. Check out the public records to see how many mortgages he has on the property. Just because he paid $70,000 does not mean he did not cash out up to 100% and take a little trip! Even so, it will be worth it if you can find him.
Good Luck
on a different note, i found this site after going to a real estate seminar, (I didn’t by anything, what a gimmick), and realized as i read thru the site, pretty much all I need to know, I can probably find right here. :
thanks reoconsultants…and here’s how it’s going now…the bank refuses to let my buddy know who the owner is, until they can get in touch w/ them, as well as the property manager. although, my buddy’s checks are getting deposited, i’m not sure why the mortgage isn’t getting paid. this being said, i’m not sure, besides hounding the $hit outta the bank for more info, i don’t know what to tell my buddy. like i say, i think he could end up w/ one helluva sweet deal, if he can get it before they open it up to auction, or if it’s rolled into an REO. i’m sure the bank will want an astronomical amount, since it’s in Aspen, and the condo will fetch $400+/ft on the sale.
i’m just at a loss as to what to tell him, besides beginning the bank to let him assume the loan, or at least let him have first dibs on an offering to buy the place. any more thoughts, besides these?
I would not pay the rent let them try and evict him and tell him to go to court and tell the judge he wants the money to go to the bank if he is not making the payments… You do not need to pad his pockets that is for sure! want to know the Owners name DONE you can get that in less then 20 minutes… Check the clerk and recorders office if it is in a trust it had to be quit claimed at some point in time to the trust! it will show you who quit claimed it. Call everyone in the with that last name and ask them if they know the owner…
Other Ideas would include but not be limited to put a sign in your buddy’s window $500.00 to whoever can help me get me the owners name and phone number and close a deal on this property!! Someone will spit it out Probably the property manager!!
