foreclosure is soon!! - Posted by Mark (TX)

Posted by Ronald * Starr(in No CA) on September 24, 2003 at 10:38:06:

Mark–(TX)---------------

If you don’t know what you are doing, do nothing. That is my advice about this one: do nothing, but perhaps commiserate with your brother in law.

If you feel “I don’t think I would have any problem getting it out of my hands if it was in my hands.” Then why don’t you just give you advice about what to do to the real estate agent and your brother in law about what to do? Help him out.

If they can’t sell it, what makes you think you can? Going to suggest a lease-option or something? Then suggest that to your brother in law. Maybe even help him put it together. Whether you get some fee or not.

Don’t have enough time to study up on foreclosures? You don’t have enough knowledge to be messing around with this, in my opinion. It is better to pass up two good deals if your system prevents you from buying one bad deal.

Good InvestingRon Starr*******

foreclosure is soon!! - Posted by Mark (TX)

Posted by Mark (TX) on September 24, 2003 at 10:23:10:

The situation: My brother-in-law is in forclosure on his house and has to be out by Oct. 7. He has a 10K tax lein, 2-4 months late on payments ($1700 payments) , owes the homeowners association dues (how much, I don’t know). He also does not want to keep loans in his name since he is filing for bankrupt. He is currently trying to sale his home with a realtor but does not seem to be working. I have just received my material on forclosures but feel like I don’t have time to read them since the closing date is so close.
The house: 6 years old, nice neighborhood, he is trying to sale it for 174,600. Has had one offer on it but he and the realtor did not come down so the offer walked away. I don’t think I would have any problem getting it out of my hands if it was in my hands.
Thanks to all that reply.
Mark (TX)

Re: foreclosure is soon!! - Posted by jasonrei

Posted by jasonrei on September 28, 2003 at 03:01:56:

I don’t think you’ll have enough time to learn what you need in order to proceed wisely. Not by Oct 7th.

There could be a nice deal here, or maybe just a good solution to his situation, but there’s a lot to know to make it so, IMO.

Re: foreclosure is soon!! - Posted by Bill H

Posted by Bill H on September 24, 2003 at 14:48:39:

Mark:
I agree with Ron. You are in a “No-Win” situation for yourself. Relatives, money problems and real estate do not mix well at all. Almost anything you do can and will often come back to bite you. The easiest thing in the world to do is critize someone else’s decisions…in this case yours.

Stay as clear as you can.

Good Luck,

Bill H