Help, Urgent Help Needed
i was buying a house in the traditional manner...
my appraisal came in low... so I had to have another apraisal... people drug there feet over the long weekend.... and come to find out this house was in forclosure and it goes to auction on tuesday... my loan cant be finished by tuesday... we have been aproved but it will take probably 3 days to get the insurance and aprasil finished...
So we called the lender and they said they would not pull it from auction...
the two realest agents are going crazy, the lender and owner are all freaking out...
another option is for the seller to catch up all there payments.... but they dont have it..
another option is for me to pay the sellers back payments....
well it appears that I am paying 40k more than the payoff.... so I am thinking I could just go down to the auction on tuesday and bid on it....
so how much deposit will i have to put down...
and how long will i have to finish the loan..
talk to me about doing this...
I say have your seller reduced the sales price by 20K and then send a certified check to the bank to take the property out of the preforeclosure status to give you more time to purchase the property. Then you ask both agents to give you 1% back to savage the deal at close of escrow. If they give you 1% back you would be willing to take the seller out of preforeclosure buy bringing him current. If you would like for me to send you a addedum that you can use to accomplish this email me at **Please See My Profile** .. Also your expenses are paid "back" out of the sellers proceeds at the close of escrow.
Hope this helps
Jamar some of the expenses that will be paid will go to the attorney, thus not taking away from the principal.
Its just a fee to keep from going to foreclosure and securing a good deal.
I did this exact thing last week.
Get title pulled on a rush order. Do a wraparound mortgage on the property.
In my case the seller owed 141 and was 12K behind in payments. I brought 13K+ to title (I escrowed a grand for the seller when he gives me the keys tomorrow) and brought his loans current and took title subject to the existing financing.
If I was in your case then I would refinance the property which is easier and would give me a better rate.
This is where you get the owner to carry a second on the property for his equity (which makes the payoff easier when you refi). And since you are saving his bacon you negotiate a better price for yourself by 10-20K minimum.
Randall
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