Foreclosure Purchase
this is my first chance to buy a foreclosure,,,,it is going to trustee sale on march 17,,,the owner was in the wind but i was able to locate him and he called me yesterday,,,,he owes about 400,00 on the house it comps at about 435 to 450,,,,it is in good shape,,,i hear i have to get him to sign the title over to me and he stays responsible for the loans,,,he has a first for about 200 and the remainder is a lline of credit,,,i guess then i go to the bank on the line of credit and get them to short sale it to me,,,,i also hear that a line of credit is hard money and they go after the person for the money they dont walk from it,,,,it all sounds a little scary for me ,,any advise on how to proceed,,,it looks like he borrowed to the max on the house then split,,,,thanks tom
Contact a different realtor and confirm
Read that forum thread Bargain told you to check, and you will get the answers to these questions...
Chris