My Dream House (Ideas?)
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 Oct 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.
You might want to walk over to the short sale/forclosure board. The folks there might have abetter answer.
Sire
It has been there for a few day, no luck. Thanks
So, did you get pre approved and send them an offer? The home is for sale, you know what you can afford to pay, so draw one up. There is probably a 85% chance that they will say no, but if you don't try, you'll never really know. Banks aren't in the business of holding properties, they are in the business of shuffling money. Therefore, they are a motivated seller by nature.
-Chris
[addsig]
Hello. It is worth a try to low ball offer with pre approved ltr. I got one a few years ago for 130, they were asking 180,----Give it a shot. best wishes
Guys, thanks for the feedback, but don't I wait until the title issues are resolved? Who would I make the offer to? How difficult will it be to get pre-aproved when I already own a house?