Chance To Buy Neighbor's Pending Foreclosure?
I am new to the real estate market! I have had a rental propery before but it was a personal home that I rented while buying another.
My situation and questions are related to my neighbor's home. They are a few months behind on their mortgage payments and facing Foreclosure. They have only had the home for 2 years and it is in like new condition. I know that I could rent it for much more than the mortgage payment would be.
My questions are: Should I wait until it is foreclosed?
Or, what kind of deal could I offer them before their credit is ruined? I don't think they have that much equity in it.
Any suggestions on this would be VERY much appreciated! PLEASE HELP!!
PLEASE HELP!!
Sounds like a great property to buy "subject to".
Do NOT wait for it to progess. The further it progresses into foreclosure the more red tape you have to go through, the more expensive it will be, and the worse the deal will be come (at least usually).
I agree. I would talk to the neighbor and have him sign an authoriziation to release information. Find out what he owes on it. Also, find out how much it would take to bring it current. Subject to might work.
Don't forget to give him moving money- it usually helps them to get out of the house..
Good luck
. . . And dont' forget the going away party --- at his house. . .
Who knows, you may find someone to rent it.
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<LOL> I like the going away party idea!
I would definately NOT wait on this one. The closer it gets to foreclosure, the more difficult it can be to work with.
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