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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Here's a doable deal.. Posted by Ward-CA- on June 30, 2003 at 12:54 AM In Reply to: purchasing foreclosure need help posted by Pattyk on June 30, 2003 at 5:27 AM : I didn't start out looking for a house to purchase! However a neighbor that lives in my dream home is letting it go into foreclosure along with her Bankrupcy. I never thought I'd have an opportunity to live there but now I do! : However it's now 30 days before the house is to be sold at auction on the court house steps and I do not have back from homeowner our Offer to Purchase Paper and can not get access to the home for the apprasial both of which I need for my mortgage consultant. There are still a few days left for this to happen in time, however I'm not hopeful she will pull her act together in time. (for anyone reading this whom is a homeowner I can't image not selling when there is a buy who will save you from the foreclosure!). : My question is, if we can not buy home from homeowner, then I will have to pay cash to her mortgage company as I can not fullfill my requirements to MY loan company to arrange financing. I can come up with quite a large chunk of it and I have already talked with homeowner mortgage company and have a good idea of what to bid, considerably less than we offered the homeowner. : I do have some background with real-estate inregards to rental property, but not with buying like this. I read some information on hard money lending and I didn't qualify for what I read about since this is under $500,000 and not mult-family or commerical property. : MY question is: Is there money out there available to me for short term without apprasials on property and such? : Enjoy reading this board! So much valuable information - looking forward to meeting Ward someday! WOW! (i assume that is your picture with your granddaugher!?) : Thanks : pattyk : Missouri -=-=-=-=-=-=-=-=-=-=-=-=-=- Patty, Why not buy the house now? Settle on a price and down payment amount with the owner and then give them a promissory note, secured by a deed of trust or mortgage against the property for the remainder of the owner’s equity—subject to the existing liens. That way you’d have all the time you need to reinstate the delinquent loan(s) and then shop around for the best refinancing loan you could find. Hope this helps. Follow Ups: Re: Here's a doable deal.. Bob Pischke 10:32 PM, 07/03/03 (0) Re: Here's a doable deal.. Pattyk 1:22 PM, 06/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I didn't start out looking for a house to purchase! However a neighbor that lives in my dream home is letting it go into foreclosure along with her Bankrupcy. I never thought I'd have an opportunity to live there but now I do! : : However it's now 30 days before the house is to be sold at auction on the court house steps and I do not have back from homeowner our Offer to Purchase Paper and can not get access to the home for the apprasial both of which I need for my mortgage consultant. There are still a few days left for this to happen in time, however I'm not hopeful she will pull her act together in time. (for anyone reading this whom is a homeowner I can't image not selling when there is a buy who will save you from the foreclosure!). : : My question is, if we can not buy home from homeowner, then I will have to pay cash to her mortgage company as I can not fullfill my requirements to MY loan company to arrange financing. I can come up with quite a large chunk of it and I have already talked with homeowner mortgage company and have a good idea of what to bid, considerably less than we offered the homeowner. : : I do have some background with real-estate inregards to rental property, but not with buying like this. I read some information on hard money lending and I didn't qualify for what I read about since this is under $500,000 and not mult-family or commerical property. : : MY question is: Is there money out there available to me for short term without apprasials on property and such? : : Enjoy reading this board! So much valuable information - looking forward to meeting Ward someday! WOW! (i assume that is your picture with your granddaugher!?) : : Thanks : : pattyk : : Missouri : -=-=-=-=-=-=-=-=-=-=-=-=-=- : Patty, : Why not buy the house now? Settle on a price and down payment amount with the owner and then give them a promissory note, secured by a deed of trust or mortgage against the property for the remainder of the owner’s equity—subject to the existing liens. : That way you’d have all the time you need to reinstate the delinquent loan(s) and then shop around for the best refinancing loan you could find. : Hope this helps. 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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