For Sale By Onwer Is In Foreclosure
Hi, I am posting this for my friend.
He is looking for a house and he happened to see a house for sale by owner. He called and the owner is living out of state. The house has been vacant for a few months.
Owner is asking 249k and house is worth about 250k-260k. It needs pest control(mice or something lived in there before or now), new paint and carpet.
The owner is behind the mortgage payment and the bank has just filed complaint and sheriff has tried to deliver the notice to the owner and of course they could not find him because the house is vacant.
But anyway, by checking the county’s record, now the guy owes 218k total in mortgage plus interest, attorney fees etc. and interest is 50 dollars a day. So it means the number is going up day by day. Basically he said he has no money at all, if somebody buys the house he will accept 238k to cover all his cost, or he will let the bank take the property back, he just simply has no money!!!
My question is what is the best way for my friend to approach this. He is not an investor, he is looking for a house for himself.
Thank you for the help
anybody?
This looks like a short sale candidate to me. Have your friend find out if the owner would agree to short sale to save his credit.
thank you for the reply
has anybody dealt with CENDANT MORTGAGE CORP, MT LAUREL, NJ before, are they tough?