OfflineHello:
I am VERY new to this I have read Dean's book and have been driving around a lot looking for a deal. I think I have found one, but I am not sure of the next step. I looked on line and in the public records found that there was a lis pendens filed at the end of 2008, also a tax lien on the property file in April of 2009 for about 2,500.00. I did find out the owner either did own or does own a convenience store here and another home address in town. It doesn't appear that the property has been foreclosed on yet. Is this a situation where I should try to contact the owner to find out the story, or contact the bank?
Any help would be appreciated. I hope you all are having a wonderful evening.
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The lis pendens is the formal notice that starts the foreclosure process. Thus, the bank is just starting the process and has not taken back the property as an REO. You may want to write a letter to the property owner and "inquire if their property may be for sale". Also, take a look at Dean's book for the area that discusses short sales. This should clarify most of your questions. Good luck on your future deals. Believe and Achieve!
Indiana-Joe
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Thank you for your comments. I kind of thought it might be a touchy situation. It looks as though they just up and left in a hurry there are still all kinds of personal affects in the house strung about and the yard is up to my waist.
Thank you again for your help.
Take good care
I have a property that owes the bank about 260,000 the owner is selling to me for 120,000.00 and the bank is willing to take that amount from him if he sells - Property Value is 180,000.00 - I tried to get a loan for that amount 120,000 but was denied due to my credit (credit score 537) I really want to stay with this house - for me & the baby - I been renting it for two ½ yrs - I work and make 30,000.00/yr
What Should I DO? anybody willing to share great advice - I have about about a mth to do this. HELP!
Look at what the future holds for you! You have the opportunity to make just as much if not more than what your yearly salary would be. You have a owner that is willing to sell it to you with approval from the bank already. My suggestion would be to do a assignment deal. In Deans book chapter 8 discusses this method. You might not get to stay in this home but you could have the leverage to re-build your credit to place yourself in something better. Much success to you and your family.......
Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I dont have the books yet, I just ordered it on Sunday, when I was in bed trying to figure out what can I do, counterplating on how can I do this with out waiting to see if I win the lotto with a dollar and that dream, LOL - Dean's Infomercial came on, I changed the channel and there was another one and I said this is God's sign for me to start this and be able in the near future to stay home with my cutie pie - I dislike leaving her in Daycare. Thank you for your advice keep it coming
Just a note, you can go to the search engine on this sight and research assignments or anything else for that matter. There are so many great forums that will answer just about anything. Keep moving forward. Don't let doubt get in your way. Time is of the essence!
Sincereley,
Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
If you feel you can handle the payments. You can look into a private lender. Then refi them out of it within a yr with a FHA loan. If you cant refi then i would make sure you have an exit plan (an end buyer). But you may have a hard time finding one that will lend to someone who is looking to buy and live in the property. But try anyway, and if you get lucky you can work on fixing your credit in order to get approval for a refi within a yr.
talk to a few mortgage brokers also.
Thank you , I will see which way this path takes me - But I will take some more graet advice - Thank you guys!
it took me 3 months of putting offeres i finally got one accepted ie really works dont get discouraged by anybody trust in yourself and all the people that are in these forums they are the proof and today i just became one of them. It feels good
______________________________________________________________________________Refuse To Lose