The information says the loan balance is 6000 dollars so does that mean that is how much the people want for the house all together or is that a down payment to go toward a remaining mortgage? How do these things usually work? Do you pay the 6000 and the house is free and clear or are there other expenses involved? I dont think it belongs to a mortgage company because the owner is listed as individual.
2006-12-10 16:26:03 · 6 answers · asked by Amanda G 2 in Business & Finance ➔ Renting & Real Estate
if the property is in forclosure then it would be a bank or mortgage company involved
and it would be a lot more than 6000.00 as the bank wouldn't even bother going through the expense of a forclosure for just that much
2006-12-10 17:23:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't think you have all the information you need. Get some help. Usually, a person doesn't sell a house which is foreclosed upon, since the foreclosure is a notice of the holder of the mortgage to evict the owner and take control of the property. In such a case, the holder may be willing to allow a new person to pay the unpaid balance and pick up the mortgage, but this would be unusual. More often, the property is auctioned off "at the courthouse door" where the winning bidder pays the holder the winning bid price and takes over the house.
2006-12-10 16:36:37 · answer #2 · answered by cattbarf 7 · 0⤊ 0⤋
Be wary. If you dont know what you are doing, then you better seek out professional consultation (R.E. Attorney and R.E. Agent).
If the home has property tax liens or some other clouding of title, then you will take the property subject to paying those things, in other words you now owe those debts. They would not sell a home for $6,000 and if it was a good deal, then someone who knows real estate will buy the home in auction or from the seller before you. So if it is still listed, then there is some issue.
2006-12-10 16:31:12 · answer #3 · answered by Chrisusc 2 · 0⤊ 0⤋
Most homes in forclosure go into auction....the 6000 is whats owed and may be the starting point or bid.
So if someone came around and offered 120k they would get it.
You are not the only one looking at it....I'm sure.
The individual part is common for tax purposes. The county records(which is free to public) would have any record of who the lein holder is or if there is a tax lein on it.
2006-12-10 16:35:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The 6k is the default amount. The owners will need to come up with 6k to bring their loan current.
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Regards
2006-12-10 18:16:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
honey, if it were that simple, we'd all be getting homes for 6000......that figure is prob back taxes, it may be a tax cert sale...or if it is already foreclosed....who do you think did the foreclosing if the owner is an individual, as you said???? hum, I think the bank would be the one that foreclosed, don't you??????
2006-12-10 16:30:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋