Pre-foreclosure/fire question - Posted by Tim
Posted by Tim on April 13, 2000 at 17:47:01:
Hello to all of you seasoned real estate investors. My name is Tim & I’m in Ohio. For the past several months I’ve been trying to learn as much as I can about this business, and have been trying to focus on flipping/wholesaling to other investors to get myself started. There is a house that I have been looking at for my first deal, but some questions have arose in my head! There is a house in which the couple has semi-recently separated, the house is currently facing foreclosure, and they were also forced to move out of the house, because it caught fire. To my knowledge the majority of the damage is in the basement, and some of the main floor floors have been warped. Other than that I believe everything else on the house is sound. I also came to find out that the couple owes just about what the house is worth. In cases like this will the lender accept much less for the house so as to avoid the foreclosure process & due to the fire damage? I’ve also recently contacted 2 other lenders in regards to their pre-foreclosure houses & both of them told me that they could’nt negotiate with me until the house went through the forecosure/auction stage. I’m kind of lost as to what to do in this case, and if someone can help me get through my first deal, I’d be more than willing to share in the profits of the flip/wholesale. Thank you all for your time & consideration!