Dream House Dreams
I'll make this short and sweet. As a kid I grew up loving this huge house in a nice neighborhood. 1.5 years ago while looking for a home to live in, I saw it was for sale. I knew it would be way out of price range, but had to grab a flyer. Here is what I have found out a year and a half later. The house was foreclosed soon after it went on sale. I found the lender and they told me it was claimed or baught by another mortgage bank in Sept. of last year. Once I finally tracked down the new holder, I found out it went back to the original lender. I called them again and they said the mortgage company had renigged, and is now in court to get the title straightened out. A year and a half ago it was for sale it was "Lender approval required on all offers for short sale" It has now been about 10 months and the house has been vacant with no sale sign or anything the whole time. When it was for sale they were asking over $250.000. If I keep persisting and tracking until title issues are resolved, does anyone have an idea what to do next. There is no way I can afford anything close to that. Am I waisting my time hoping I would be able to somehow land this house for around $160-170,000. I would not be doing this had it not been my dream house growing up. Any advice on what to do or expect would be greatly appreciated.
I would stay on it. You never know, the bank may let it go at wholesale to get it off their books quickly. Keep prying.
The Banks or Lenders are Passing, this is a very US/Brit custom in which they help each other by taking unperforming properties off of each others hands.
War is declared, you want the property.
It has a value to you that exceeds the reality of just a house.
Check the Hall of Records or wherever and find who is really at this minute on title. Go visit them person to person. Ask to inspect the house that you would like to buy it.
Having received a price Offer To Sell from the Bank Officer whatever, no matter what that offer is you counter and stay low. Inform him that your contractor inspector found many many items severe in nature that must be corrected. Also it is in violation of any Code you can think of. I was always big on Lintels, they were never in conformance. By the way what is a Lintel, sort of a British Header? This is your moment Transaction. Do not be afraid of making a total ass of yourself. I have done it so often that certain banks in Los Angeles enquire after my ears. One even had the gall to present me with a pair of Mickey Mouse Ears after a foreclosure sale.
Do you see what I mean. Make your offers subject to inspections obtaining financing whatever so you have an out if required.
I think you get my drift. Enjoy it is rather fun. General Patton used to insist he loved the smell of gunpowder. I used to wonder what the hell he was smoking.
Cheeers Lucius
Thanks Lufos, evryone I speak talk to acts extremely confused of where the title is. Supposedly my contact was waiting to here back from an attorney as to where the title is, it's supposedly in the courts. Do I ask them for a price and counter? Or make an offer first. It seems the loan is on the other side of the country, so I don't know how I would meet face to face. I don't even know who could let me in the house, as I said it has just been sitting there with no sale signs for 11 months. Any additional feedback will be appreciated.
Dear Gilly,
You must find the present time www.owner.The Hall of Records or whatever it is called in your state. Can show you a copy of the recorded Deed. Look at that deed. If there is an action in the courts that could be clouding title a copy of that actions should be in the Clerk of the Superior Courts files. Go look. If you can find on any action the names of the attorney's call them. You will with full diilegence find your person or company in title. That is the one you must deal with. Go for it. Keep me a breast. Lucius