Posted by Kelley on June 09, 2000 at 23:05:57:
We just did one of these but unfortunately our folks weren’t out of their house yet. We worked through our realtor and let him do most of the legwork. I know that he contacted the bank and we were able to work out a deal based on the outstanding mortgage amount but this was more of an expense for us. The bank required that we pay for appraisals for both them and us and the purchase price had to be sufficient enough to cover the mortgage plus a markup fee that they charged based on the appraisal amount. It seems that they still want to make a sufficient profit even though you catch the forclosure before they have acquired substantial lawyer fees. To be honest, I don’t think that we would go that round again. But if you can get a good price go for it! You will learn a few lessons.