Owners of the other 1/2 of my ZLL walked away. Would it be good for me to buy it & turn it into a rental? If so, is it best to wait until it

Asked by Akhomeowner, Anchorage, AK Thu Dec 29, 2011

forclosed The owners moved out of the country about 3 months ago. A few days ago, there was a vacancy notice on the door left by the mortgage lenders. We are thinking of buying it as an investment/rental property. Would it be better to approach the mortgage co now or wait until it goes into foreclosure?

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Brandy Penni…, Agent, Anchorage, AK
Fri Dec 30, 2011
My name is Brandy Pennington and these are Good responses to your question. Call me and I will walk you through your options! Including a lending stratagie! 227-6682
-Brandy Pennington.
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Todd Held, Agent, Anchorage, AK
Thu Dec 29, 2011
Sorry, I meant to say in my previous post that the "seller" will probably never "pay up".
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Todd Held, Agent, Anchorage, AK
Thu Dec 29, 2011
I wouldn't put the effort into it. just yet. Up until such time as the home is actually "foreclosed" it is covered by the fair debt collection practices act, and the lender or their representing law firm are going to be very tight lipped because of this. Also, even though realistically the buyer will never "pay up", they still have the right to cure the debt under Alaska Statute until the foreclosure is complete.
The banks have vendors that will secure the property, and it all starts with that notice you saw. Once they confirm the vacancy, the home will be re-keyed, winterized, etc. The bank does this to protect their interest in the home.
I would recommend watching the AK Journal of Commerce for the foreclosure posting. It will tell you approximately what it will cost you to buy the home at the courthouse steps when/if the time comes.
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Karen Glaser, Agent, Anchorage, AK
Thu Dec 29, 2011
You will definitely want to get in contact with someone before it goes into foreclosure. However, that said, you may be able to negotiate an excellent deal with the current owners before it is foreclosed upon. If the current owners have enough equity remaining in the property, it is possible you could not only save them from being foreclosed on, but buy it at an excellent value. Because you believe the homeowners have left the country and may have financial struggles, be sure to get everything in writing and make sure the transaction is recorded. Also, a Comparative Market Analysis (CMA) of the property based on current market trends is recommended. Good Luck!
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Lori Aughe, Agent, Anchorage, AK
Thu Dec 29, 2011
That's a good question. Personally, I would approach the lender to see if it is available to purchase at this time for a couple of reasons. The longer it sits unoccupied, the more risk of damage occurring to the property and also to your home as it is attached. If it isn't available for purchase , then you get to wait until it is released for sale as a foreclosure. It never hurts to ask!

Lori Aughe
Keller Williams Realty
(907) 529-6641
Web Reference:  http://loriahomes.com
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Marge Bennett, Agent, Fort Myers, FL
Thu Dec 29, 2011
Wouldn't hurt to contact them now to see what you can work out. I like your idea of buying it for rental income. That way, you control who your neighbor is. You should find out what the market value is first, so you don't overpay.
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