Posted by Chance on February 03, 2002 at 02:10:42:
I’ll take a stab at it, what they hey!
Question 1: Over here (East coast) if the bank forecloses, the owner is “off the hook” as far as payments, he just has “shot” his credit and can forget about buying another house for awhile, or even renting anywhere nice for that matter.
Question 2: You need to find the owner BEFORE the foreclosure proceeding begin. Once foreclosure starts the banks usually won’t talk about selling because they give the property control over to a special division that sets up a bidding procedure (those foreclosure notices in the Sunday classifieds). They don’t have a way to sell their foreclosures, they just run them thru their usual procedures like an assembly line. There are certain instances where you can talk to special departments of the holding bank on foreclosure properties but finding out who they are and negotiating with them is like pulling teeth.
You can find out who holds the mortgage by going down to the records office of the city of the residence.
Question 3: Best bet in my limited opinion is to find the property owner and offer them a cash payment to take it off their hands for cost. At 180,000 for a 240,000 house + 5,000 cash to owner = 185,000+ 12,000 septic =197,000+10,000 rehab=207,000 taken from 240,000=$33,000 profit if you sell it yourself.
There are other ways but this is one simplified solution. Anyone else?