Arizona because I assume that matters.
I am looking to buy a house about the first of the the year, but I wouldn’t mind taking over this house for the $65,000 it would take.
Is there a way as a renter that I can get an inside track to take over the payments and buy this property? I don’t know if the loan is assumable and even if it were, I’m sure his mortgage payment must be pretty high so I would have to refinance to a lower payment.
If there is any positive equity, it will be taken by someone…presumably the owner. There is no way you are going to be allowed to pay $65K on a 200K property (for example).
If there is negative equity, I’m sure they would be happy to let you have it, but you would be a fool to take it.
Bottom line, you can offer to buy the place, but you will pay market price for it.
In this economic climate, I’m pretty sure he’d get a substantial discount simply because the Receiver doesn’t have to go the rigmarole and uncertainty of putting the property up for sale or for auction.
HOw did you come up with the $65,00 figure? Do you know the landlord? Talk ot him and find out what bank is involved. Contact the bank see if they are interested in a short sell offer, but be prepaired for the bank to take forever to give you an answer. If you can find out what realtor the bank used to sell their REO properties, then contact them. That is about you only inside.
Sorry, this isn’t always true. A few years ago we bought a house that was in the mid stages of foreclosure. It was a small bank that was willing to work with us so they wouldn’t have to do the work and go through the expense of foreclosing. We bought the house for $95K, put another $12K into fixing it up, and sold it two years later for $190K. People do this all the time–there are lots of great deals to be had with foreclosure properties, especially now. Talk to the owner and the bank, nobody wants to deal with foreclosure if they can help it.
On some trustee sale paperwork that was taped to the door.
There are the people to contact and make the offer to. If they are tapping notices to the door the house is already being foreclosed, the process has already started.
The other advantage you have is that if you buy the house, the bank avoids the hassle of getting rid of you. If you have a lease, that’s a pretty big advantage. If not, it’s still a little advantage.