NEED HELP WITH REDEMPTION PERIOD FORECLOSURE - Posted by Bob-IL
Posted by Bob-IL on March 18, 2001 at 10:24:53:
Seller is living in home after foreclosure and bank has given him until Tuesday to buy house or, he says, to find a buyer. He can buy it for $93,804.00. It was appraised for $141K two years ago. He wants me to buy the house and sell it back to him. He has $20K cash for the down payment.
Will talk to the bank on Monday. He gave me a loan number and a FHA loan number. Can I buy this from the bank as an investor brought in by the owner? Can I tell the bank I’ll buy it but they need to get him out first? Should I buy it from the bank and sell it to him on a land contract with his $20K as down payment or on a seller created note? Probably either would be impossible to sell to get cash out because of his credit history.
Has anyone run into this scenario before and how would you finance it for a resonably secure profit? Help, Please.