need help with a foreclosure - Posted by Mark_stl
Posted by Mark_stl on November 29, 2000 at 10:56:14:
As a real estate broker, when I have a question what better place to turn than here for advice. So here goes. I have a house listed that I just found out is going into foreclosure. The house is vacant and worth about $175,000 in nice condition. Currently I feel it’s probably worth about $145,000-$150,000(no damage, it just needs paint wallpaper and a good cleaning). So this is my story, I show the house to a couple from the neighborhood. They like the house but feel the listing price of $177,500 is to high. Which I already know(the reason for the listing price is that is what the sellers needed to pay off the liens and walk away). I tell them if they are interested in making an offer I will see if I can get it to fly. The guy calls me the next day and says they would like to make an offer of $145,000 I said that sounds good, let me call the sellers and see if I can get the names and numbers of the lein holders, because they will have to sign off on this one. the seller says she dosen’t know who holds the 2nd but thinks in Travelers home mort. I call them, they give me another number and guess what this company has no record of their loan. The third lein holder is a bail bondsman.
In Summary I have a buyer and a 1st mortgage co. that are willing to work something out but the title co. I use charges $150 title search which I really don’t want to pay because there is a very good chance this deal will never work out. So how can I find out who holds the 2nd and who has the 3rd lein. And If I do find the companies how willing are they going to be to just walk away from their money. Thank You for your help
P.S. Is there any other way to bring this together?
Value after fix-up $175,000
Value as is $145,000-$150,000
1st mort approx $150,000
2nd mort approx $9,000
3rd lien approx $3,000