Foreclosure agreements
Hi, I was wondering if I saw a home that is about to foreclose and I was interested in it but did not have the necessary down payment ready. Are there instances where you can come to an agreement with the current home owner to move into that place; pay the mortgage, for about a…
Hi,
I was wondering if I saw a home that is about to foreclose and I was interested in it but did not have the necessary down payment ready. Are there instances where you can come to an agreement with the current home owner to move into that place; pay the mortgage, for about a year, until the financial are ready?
Maybe you can rent it and they’ll transfer the deed to you. But then you’d have to pay any liens and the mortgage on whatever terms they have — including the 45 percent interest rate with a balloon payment. Probably it would not be affordable.
Short sale is no different from any other sale, except the bank accepts less than they are owed on the property. You still need a down payment, credit check, lawyer, inspection, whole deal.
Anyway can’t hurt to call them and ask. Why not?
You can probably get one of those Carlton Sheets courses off ebay. Late night Real Estate course info-mercial.
You’d be better off telling them you’ll rent it from them, write them a check every month, let them pay the mortgage.
Or see if they’ll do a short sell, basically you pay off the mortgage directly to the bank, and then you’ll have a place far cheaper than market value.