Negotiating A Forclosure
I have a woman buying a property of mine on a lease-option. The house she is in is in forclosure. How do I go about asking about the property to find out how much is owed, liens, etc?
Thanks,
Tim
Well, Tim, a little more detail here would be useful. Given that the lady clearly is not making her house payments where she is why would you consider leasing to her?
Have you tried just asking her about the status of the other house? Of course you can go down to the courthouse and pull the records but I'd go with the easy source first. Especially because knowing her story there might save you from potential later problems.
Really!!!
Why don't you just buy her note from the mortgage company then you get her and her problems at the same time.
Hheheheheheh.
C- :-o
Smarty. The deal is is that the house belongs to her mother. After her (the mother's) husband died, she couldn't make the payments. Someone advised her to go into forclosure, so she did. They are willing to sell the house for what is owed plus 5-10k. They also have a lein of around 10k from a HELOC. The woman leasing my house works two jobs and can make the payments. I found the article on dealing with foreclosures and short sales. Still think there's more I need to know a bout the process. Comps are sketchy. They are probably upside down on payments. Good advise is appreciated.
Tim