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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Let this one go and get a better deal. Posted by Ward-CA- on January 05, 2002 at 3:06 PM In Reply to: HELP!! Vacant home ,owner gone, going to fore.. posted by Tim on January 05, 2002 at 1:26 PM : I've located a home that is listed with a realtor by the owner who evidently has not paid taxes since 1999, and has not been making mortgage payments. I saw in the local paper that a notice of nonpayment of property taxes has been made, and that it will go into foreclosure no sooner than July 2002. The realtor cannot located the owner now, and is going to lose the listing soon. I want to know if there is anything I can do. The original mortgage was made in 1999 for $52k. Back taxes owed is right around $5000. Who do I approach on this one since we can't locate owner, the bank and try for a short sale? or the county treasurer , I have no experience with this type of situation please help me. The home is in bad shape, needs alot of work, the after repaird value should be right around $65k. repairs will be probably around $25k. Will the bank go for a low offer before it goes into foreclosure? or the IRS ( or institution responsible for collecting the back taxes), who gets paid first and can I structure a deal here to make a profit? Any advice would be greatly appreciated. Thanks in advance, : Tim =•=•=•=•=•=•=•=•=•=•= Tim, this deal looks like a waste of time. If you wanted to make at least $10,000 profit the most you could pay the owner is $22,000. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I've located a home that is listed with a realtor by the owner who evidently has not paid taxes since 1999, and has not been making mortgage payments. I saw in the local paper that a notice of nonpayment of property taxes has been made, and that it will go into foreclosure no sooner than July 2002. The realtor cannot located the owner now, and is going to lose the listing soon. I want to know if there is anything I can do. The original mortgage was made in 1999 for $52k. Back taxes owed is right around $5000. Who do I approach on this one since we can't locate owner, the bank and try for a short sale? or the county treasurer , I have no experience with this type of situation please help me. The home is in bad shape, needs alot of work, the after repaird value should be right around $65k. repairs will be probably around $25k. Will the bank go for a low offer before it goes into foreclosure? or the IRS ( or institution responsible for collecting the back taxes), who gets paid first and can I structure a deal here to make a profit? Any advice would be greatly appreciated. Thanks in advance, : : Tim : =•=•=•=•=•=•=•=•=•=•= : Tim, this deal looks like a waste of time. If you wanted to make at least $10,000 profit the most you could pay the owner is $22,000. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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