thanks for answers on previous question. I have more...I am finding out information on how to buy forclosures. I need to know how long I have to approach current owner about buying home, but I dont want to ask too soon from notice of default date. Some have them listed for sale & would like to approach at the perfect time.
2006-10-26 14:16:47 · 7 answers · asked by metty 2 in Business & Finance ➔ Renting & Real Estate
The time varies by state, as was said above.
What you have to understand is that unless you're flush with cash, you're going to need a loan. That can take a little time.
Where I'd suggest you start for this is by making friends with some mortgage brokers. Tell them what you want to do. This does two things for you.
One, you get prequalified for the loan you'll need, and cut the time down significantly between deal and closing.
Two, when someone is in trouble on a loan, they call mortgage brokers to refinance their way out of trouble. Sometimes they do it, by refinancing their balance which includes the past due payments and attorney's fees, and sometimes they just can't, meaning they can sell fast or have a foreclosure on their records.
If you make a few friends that are mortgage brokers, they can give the people your number and they call you when they want to make a deal. Much better posture to be in than calling them when they haven't faced the fact that they are drowning.
2006-10-26 15:43:39 · answer #1 · answered by open4one 7 · 0⤊ 0⤋
In Texas, they are given at least 21 days from the notice, until the property is sold on the courthouse steps. Courthouse steps auctions happen every first Tuesday of the month.
With this in mind, and the fact that there are going to be about a bazillion (many) other investors trying to buy the house also, get to them by the day after the letter gets filed. You need time to get them before they're tired of hearing from smiling thieves and shut the door in your face.
You need to be the investor who's different. Actually do give them enough to get moved and situated somewhere. But you also need to find out how much the balance plus all the fees are going to be, to see if it does end up a profitable deal.
If you can get their mortgage company to do a "short sale", that might save a foreclosure and put a little in your pocket. The seller then will get a 1099 and be taxed on the "forgiven" amount.
2006-10-26 18:02:08 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
I believe they are given 3 months to come up with the past due amount before the foreclosure sale takes place. If the owner already has the property for sale then go ahead and approach them. They are obviously at a great need to sell. Since you know they are in the process of foreclosure- this willl be great negotiation tool. They'll have to give up most of their equity to hurry the process along.
2006-10-27 05:30:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, it depends on the State, they are all different.
In California a person gets a minimum of 120 days once the notice of default is filed. If they file for bankruptcy then it can take 6 months or more.
2006-10-26 14:21:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
perhaps yet yet another project below this very own loan bailout, is why have not residences been rebuilt or money made available to the Katrina victims, as promised via the government ? perhaps using fact those people have not have been given the political pull some multi-millionaire has ? Wow...............thats a no-brainer.
2016-11-25 22:34:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on the state and the lending institution. I would say on average a year and half, give or take.
2006-10-26 14:19:50 · answer #6 · answered by seek_fulfill 4 · 0⤊ 0⤋
If you work with the bank you could have months if not a year. If not, I hope the answer finds you.
2006-10-26 14:18:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋