Im an investor in the area, If you are unable to get refinanced let me know, I will give you a cash offer if the property meets my criteria. I am sorry for your situation, but if i can help you let me know. 330-592-3526... more
Unfortunately, the attorney is hired by the lender to handle the paperwork involved - not to know the condition of the property. If the attorney knows anything about the physical condition of the property - it's a plus! The attorney may know about other liens but may not know of all the liens. They are hired to look out for their clients best interests so would investigate other liens that may impact their own position. So ask ANYTHING you can think of. The attorney may not have all the answers for you - but you might get information you never even thought to ask about. Attorney's job is to not have to get the property back - but to have someone pay off the lien to the lender. If they can interest you in the property enough, they will have done their job of finishing the job and not have to have the lender deal with a now-foreclosed property.
What is your motivation for purchasing at Sheriff Sale? If you believe that getting a good deal at Sheriff Sale is a 'given' think again. I believe your best 'deal' may be after the lender has gotten the house back from Sheriff Sale. Or before it has gotten to that point (short sale).
The lender will send a representative (sometimes the lawyer) to bid on the house to cover the loan, foreclosure costs and any other fees that they are 'out of pocket'. If someone bids more than that - they're covered. Often (not always) you can do better after the bank gets the property back. AND you will have the luxury of having gone through the house to see if you want to make an offer at all. Same with a short sale. Seeing the inside of a house can be the deciding factor in if you want to own that house. I'd hate to have you see if after you already own it and decide, 'this is not for me.'
Yes - you can get a 'deal' at Sheriff Sale if you do all your due diligence prior to the auction. If the loan is 'not that much' and there are no other liens on the property (mechanics, IRS, 2nd, 3rd, prior, etc.) and the person living there now (could be the previous owner or someone who has moved in while nobody was looking) is reasonable, hasn't damaged the place and is willing to move out without a battle, then go for it! Be advised that there will be other people out there who are also doing 'due diligence' of properties up for auction. They've been around awhile and know what to do - many of them know because they've been a 'student' of the process (and may have gotten some unintended, hard lessons along the way).
If you are concerned but want a deal on a home a good website to view would be to go through www.homepath.com. These homes are owned by Fannie Mae. You would get the chance to view/go through the property top to bottom, if you wish. If you'd like financing, especially primary residence financing, you could put little down, have no private mortgage insurance and have no requirement of appraisal nor home inspection (you can get these if you'd like for piece of mind but you would not be required). If you're interested in learning more about mortgage financing options please reach out to me. I'd love the opportunity to work with you. Warm Regards, Kimberly Lawson Mortgage Loan Originator T/F: 888-659-3848 email@example.com http://kimlawsonloanofficer.com NMLS:5601 OH.LO.004495.000 First Priority Financial Inc "Where Open Minds Close More Home Loans" 748 N. Court Street, Suite 201 Medina, OH 44256 NMLS:3257 Licensed by Ohio Division of Financial Institutions, MB.850147.001... more
Most likely NO, buyers at auction usually do not get to see the house, they are responsible for evicting occupand, they will have to fix any damage they cause and can not make the sale contingent upon a mortgage. In most auctions the buyetr is also responsible for back taxes, liens or any second or 3rd mortgages. You will want to complete a title search. It is why virtually all auction buyers pay cash.... more
The standard financing scheme that you can get out on most financial institution is 20/80 and 30/70 percent, meaning you have to pay the 20% or 30% equity before you can finance the remaining portion of the transaction price. But there are a few who could offer you a much lighter scheme than this if you will just be patient enough to look for them, start searching and see if you can find something that can really fit your budget well.... more