Posted by John Behle on March 30, 1999 at 10:18:48:
Many national buyers and institutions will shy away from foreclosure or default situations, but if there is equity there you can probably find a local buyer.
National buyers - that buy in many states - generally are more concerned with credit, payment history and circumstances of the payor than local buyers.
Some local buyers have similar criteria, but some - from the old school - are focused on LTV. They see the “worst case scenario” that the property will always pay them no matter what happens with the payor.
So, search out and get to know the local buyers and hard money lenders.
We do exactly what you are talking about in Utah. As long as the LTV’s are OK, we bail people out of foreclosure and help them get back on their feet.