help - Posted by Terry

Posted by Ed Copp (OH) on February 11, 2001 at 11:40:28:

to skin you alive. If the house is in forclosure he cannot deliver “marketable” title without correcting the forclosure (period). What if you bought the house on L/C today, and fell into some money. Could you pay him off tomorrow and get good title? The answer is most likely no, not without correcting “his” forclosure. At this point he has nothing to sell.

So If you have sufficient cash available to correct the forclosure you might consider it, but if you do not have the cash sit tight.

help - Posted by Terry

Posted by Terry on February 11, 2001 at 11:09:34:

Hi guys maybe you can help me. I’m paying rent in the house I live in now.The guy wants to sell it to me on land contract.He said he will pay the down payment,I also said that this house is in foreclosure??? He want from wanting 72,000 to 52,000 The house needs a little work. Tell me how can he sell this house in a land contract deal and it might be going through foreclosure?? I need help on check this place out. Can someone lead me step my step in checking this out. All help is needed Thanks in advance Terry

Re: help - Posted by Dallas Allbritton

Posted by Dallas Allbritton on February 11, 2001 at 11:40:38:

You need to be VERY careful if the house is in foreclosure. If it is the owner is 2-3 months away from loosing it and no land contract will save him. You may be able to check out what the house is worth at this site You will need to sign up for access but it’s free. If you know that the house is in foreclosure you need to follow the source of that information back to the lender or their attorney to find out when the house will be sold .

As far as the land contract goes, if you have been renting for 12 months you can re-write the rental agreement and make it a lease with option to buy and refinance the house into your name. If he now wants 52K and the house is worth 72K a loan is very possible that there is no money out of your pocket loan for you because the loan is based on the appraised value. Before I looked at applying for a loan I’d find out about the foreclosure AND what the bank wants for the house.