Sat, Jul 04, 2009
|
Author |
BUY MY HOUSE...I AM IN FORECLOSURE TROUBLE...... |
skblack
2 Posts
Member Since: 02/09/2003 Join skblack's Network
What's My Favorites Network? |
Posted: 01:36 on 02-09-2003
I have heard of a short sale. My husband and I are in jeapordy of loosing a rental house to foreclosure that is located is a stagnent area. (Population 3,500 - 15 foreclosures last year). We really need out of this house and are interested in a Short Sale.
The home could use some repairs, and has been for sale for nearly 2 years. We have been lucky to rent it off and on, but we really owe too much on it...Almost more that it is worth. Worth $75,000, Owe $60,000.
As an owner, how could we go about doing this? Can we short sale this home on our own? Is there anyone out there that wants my house? It is located in Utah. Currently we are not behind in payments, but it is only a matter of weeks before we are in this situation.
We would like to avoid Foreclosure. Any offers, suggestions, etc would be appreciated! 
Profile of skblack
 Edit/Delete Post
 Quote this Post
 Report this post
|
cal252
11 Posts
Member Since: 01/31/2003
Dallas, TX
Join cal252's Network
What's My Favorites Network? |
Posted: 01:48 on 02-09-2003
Let me ask you this... Would you be willing
to sell your house on a Rent to own
bases.. I would be willing to buy it if
I can Rent to Own it and then be able to
sub lease.. email me back at
cal252@msn.com and put in the subject
Foreclosure . Thanks in advance
Profile of cal252
Edit/Delete Post
Quote this Post
Report this post
|
mel
142 Posts
Member Since: 11/11/2002
Ojai, CA
Join mel's Network
What's My Favorites Network? |
Posted: 01:55 on 02-09-2003
Hi SKBlack,
I am sorry to hear of your stressful situation. With the market being what it has---verrry good--I am surprised to hear that your property has been for sale for 2 years. Are you in a remote area? Have the realtors been showing the prop? Have there been ANY offers on it? Have you--yourself---checked the Comps to see if it's over priced? I don't want to insult your intelligence here---I just want to know more of the history. I haven't done any short sales---I have heard that you can call the bank to re-organize or re-structure your loan. The pros here will be better able to help you on this advise.
I wouldn't be opposed to purchasing a property in another state--I've done biz in Arizona, California and Nevada---but I wouldn't want a property that I couldn't rent with a cash flow or re-sell.
Have you tried selling it with owner financing--NO QUAL/RENT TO OWN scenario?
I'll check back on your answers--and I'm sure you will hear from others on your situation.
All the best,
Mel
Profile of mel
Edit/Delete Post
Quote this Post
Report this post
|
wonderboy1999
91 Posts
Member Since: 01/03/2003Join wonderboy1999's Network
What's My Favorites Network? |
Posted: 01:58 on 02-09-2003
skblack,
Where in Utah? In relation to SLC, how far away is it?
Andrew
Profile of wonderboy1999
Edit/Delete Post
Quote this Post
Report this post
|
0
Posts
Member Since: 12/31/1969Join 's Network
What's My Favorites Network? |
Posted: 13:22 on 02-09-2003
Contact your local Realtor, they can also stop the foreclosure sale. They will place your home on the MLS for the highest AS-is market price. Do not unload and loose out. Rule of thumb... If there is equity for a Private Investor, there is equity for you.
[ Edited by REMAX on Date 02/09/2003 ]
Profile of
Edit/Delete Post
Quote this Post
| |
|
