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Hello CashFlowDepot Community,
I would like to get some advice on a neighbor’s house that is going to foreclose on November 7th 2017. Would it be to late to do a Highest Bidder Sale on the house? Are there any other creative options that can be taken before Nov. 7th? This could potentially be my first real estate deal and also save my neighbor from being homeless.
Thank You
Kendra HatleyMake sure you can get the contact information for the trustee doing the sale. If you can, research the title and make sure that’s the only lien on the property. If they can move out, get them started with some moving money AFTER they get out and be ready to pay the back payments. Get them to sign a sales agreement and a couple “right to release information” forms for the mortgage company and the insurance company.
If they want to stay and there is enough equity to make it worth it, you could reinstate the loan for them in exchange for an option to buy the house in the next “X” years for a good price. Especially if the house is in an area the is growing. Make sure you reinstate the loan with the trustee and get documentation. My first one, I mailed in and I was nervous until the receipt.
Good luck, Chris
http://www.realestateproblemsolver.comHi Kendra,
A couple of the primary things I would do, is to ask what the seller wants to see happen. You also will want to know what caused their financial problems and if they have now solved them or not. I would not recommend allowing anyone to stay in the house (if you can make a deal with them) if they are still having financial problems.
You need to get a payoff figure from the lender to know what the debt is on the house, and as Chris mentioned, have a title company do a title search so you know if other liens are against the house.
Those would be the first steps I would recommend.
Ben
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