trying to buy a home before it goes into foreclosure - Posted by Tyrone

Posted by Tyrone on June 06, 1999 at 21:25:48:

I’m trying to buy a home before it gets foreclosed. Its due to be foreclosed on the 1st of july. Its a nice 3 bedroom 1 bath home in a quiet neihborhood. It will require a little fix up(less than $1,000 in total fix up price). The sellers are asking 59,000. I submitted an offer through an agent for $42,500 and the sellers countered with $58,000. I can’t seem to get any information from the agent as to how much is owed on the home. An agent representing one of the sellers said that the home loan is non assumable. The home was purchased I believe with an FHA loan. The home will be able to rented for a net profit of $200- $250 a month. The sellers are now divorced and seperated and the ex-wife is now remarried. I would like to make a very creative offer if I could but I need a great deal of help with this one. I was considering purchasing this home with my va loan but as I said earlier, I need help with this one.