2007-03-03 03:47:41 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Sorry. New to Yahoo Answers. I have a lot of details about the status of the property. I want to buy it but the $ is too high for me right now. He put $0 down, tore the place up, did not finish the rehab and the place is a total shambles. He is definitely upside down and there are all sorts of liens on the property and he burned some his suppliers. He removed a shared wall which is now jeopardizing my property. His property in uninhabitable. I am thinking if I attached a lien for the repairs needed for my driveway and the common wall or suing his insurance company since I believe it might give me more leverage at the time of auction. If there are no bidders on the property the bank now knows I want to buy it. Any insight will be appreciated.
2007-03-03 04:10:41 · update #1
Since there is a common wall, is there a homeowner's association? If there is any damage to the exterior of the property, go after them for that. For any interior damage, talk with an attorney about to see what your legal rights are for the repairs on your property. You may just want to sue his insurance company and if there is any way to name his mortgage company in the suit, this might "persuade" them to work with you on purchasing the property in "as is" condition holding them harmless from any additional liability. You may also want to go ahead and have a real estate agent write up an "as is" offer with your highest and best terms making it clear in writing that you will not counter stating that this is your "Final offer". Make sure the "Final offer" is in writing - everyone who negotiates says that their offer is final, but most experienced sellers/agents know that's a big joke.
2007-03-03 04:46:06 · answer #1 · answered by Mrs. Goddess 6 · 0⤊ 0⤋
What is the question?
You want to know if we know if it is in foreclosure? Answer: No, we don't.
You want to know what foreclosure is? It means he didn't make his mortgage payments so now the mortgage company is going to take the house away from him, evict him, and probably auction off the house at a Sheriff's sale.
2007-03-03 11:59:54 · answer #2 · answered by Faye H 6 · 1⤊ 1⤋
it sounds like you have a good game plan; don't sink too much money into the preparation side before actually acquiring the property
2007-03-03 20:36:13 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
That means he's not been making payments and the bank is kicking him out.
Plan on meeting new neighbors.
2007-03-03 11:51:27 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Sucks to be him. His credit is in the toilet now.
2007-03-03 11:53:49 · answer #5 · answered by zippythejessi 7 · 0⤊ 1⤋
Help him/her out
2007-03-03 11:50:44 · answer #6 · answered by J 3 · 0⤊ 1⤋