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On Feb 26, 5:32 pm, vze8f...@verizon.net (v) wrote:
> On Fri, 23 Feb 2007 22:35:54 -0500, someone wrote:
> >I suggest, you go talk to bank #2 and find out their intentions. Offer
> >them $15K for their 2nd place note and see what they do.
>
> Yeah great, he's paid $15k for something that may well be worth zip
> nada nothing zero.
Didn't sound like a good idea to me either. Suppose he did buy the
2nd for $15K. The house is supposed to be worth $435K. It has $6K
in back taxes and a first of $415. So, best case, he's just paid
$436 for a foreclosure house with a market value of $435K-$440K.
Now, how about he finds the defaulting owner has trashed the place?
At the very least, these properties usually have thousands in normal
maintenance that hasn't been done like it should because they knew for
a couple years this was coming. Or the owner comes up with enough
money at the last minute to stop the sheriff sale, or files
bankruptcy, tieing everything up for a year+? I have seen shysters
that are expert at manipulating the system this way.
The purpose of buying property at foreclosure is to get a real good
deal, with plenty of margin to cover the trouble and risk, not to wind
up paying over market price.
>
> Let the banks get everything squared away, with the junior lien wiped
> out, and then if you like the price at the resale buy it. And if you
> do not, then buy something else. Hard to believe from here that this
> house is so very special that you just have to got to buy it (and play
> games that you could lose in order to do it).
>
> Reply to NG only - this e.mail address goes to a kill file.
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Re: Which Bank Do You Think Will Buy this House At The Sherrif's Auction?
