I'm a first time home buyer nd came across a 306,000 for only 30,000 !!! Tat's a deal but seems to good to be true?
SO iis it real? do i just pay the 30,000 (i know i have to pay taxes and closing coststs and blahblah ) but is the purchase price ONLY THAT AMOUNT?
2007-08-04 12:06:50 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Ummmmmm....no. Chances are that foreclosure filing is by someone holding a $30,000 lien against that property. You can rest assured that it is FAR from the only lien. If you buy that at the sheriff's sale for $30,000, you inherit the other liens along with it, if they are subordinate to the first one.
You may well find that this property is encumbered by assorted liens well above that $306,000 market figure.
2007-08-04 12:55:39 · answer #1 · answered by acermill 7 · 1⤊ 1⤋
no - $30,000 is the amount for you to purchase. it is probably the defaulted amount at this time - including back taxes and liens.
i would contact the bank, mortgage company, the trustee or the sheriff (whomever is listed) and ask what the total amount is needed for the home.
there is no way in today's economy that a bank is going to allow a defaulted property worth $306,000 to go for $30,000. thr bank will retail possession of it before that happens.
good luck...:)
2007-08-04 12:12:07 · answer #2 · answered by Blue October 6 · 0⤊ 1⤋
It depends on the country - all counties have different policies (most require cash). REO (bank properties) are more lenient on terms of payment.
2007-08-04 12:12:02 · answer #3 · answered by CHARITY G 7 · 0⤊ 1⤋
Check for any second (or even third) mortgages and/or liens against the property.
2007-08-04 12:10:37 · answer #4 · answered by mister_galager 5 · 0⤊ 1⤋