How can I qualify to purchase this home?

Asked by Lynn Lewis, 96766 Sat Feb 28, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003990081--Nine-Mile-Ct-R…

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5
John Graham, Agent, Reno, NV
Mon Mar 2, 2009
Lynn,

I am sorry to say that this home will not sell for this price. This is probably some sort of lien on the property that the people who control the lien have the right to foreclose on the property. Examples could be taxes, property or IRS or the home owners association. This lien normally goes into 1st position in regard to the sale of the property i.e. this lien would have to be cleared before the sale of the property can take place. Many of the services that provide notice of default filings are not doing the public any great service. You could see a notice of default for taxes, HOA, 1st loan, 2nd loan, private money etc. It is not unusual to see as many as 6 to 8 NODs for a property. In reality, all of the NODs are on the same property.

Please let me know if you have any questions.

Regards,

John Graham
tahoejg@netzero.com
0 votes
Ron Bell, Agent, Reno, NV
Sun Mar 1, 2009
Lynn,

At that price, even I could qualify for a loan. As mentioned below, it appears to be in foreclosure. If that is the only lien, I would be surprised if it made it to the court steps or beyond.

Good luck, feel free to check out Reno bank owned properties and look for it at my site that is referenced.
0 votes
Clark Riel, Agent, Reno, NV
Sun Mar 1, 2009
Lynn,

Since this is a foreclosure, or in the stages of foreclosure you might just want to keep an eye on the house to see if it goes up for auction or maybe the bank will list it with a real estate broker. Either way you will see a sign or notice posted somewhere on the property. In addtion, follow Dana's advice and sit down with a mortgage borker or banker and figure out what you can afford. There are quite a few homes for sale and sold in that area, and they can give you a general idea of what homes are going for in the area. Good luck.
0 votes
Madeline Zook, , Reno, NV
Sun Mar 1, 2009
This home is not yet listed for sale on MLS. It has been foreclosed on by the bank, and the new foreclosure against it for the $3600 is most likely a homeowner association non-payment of dues proceeding.

It may be possible to purchase this house through the lender, however, you woule be best off with professional help if you decide to pursue it. it will still be a bargain, however, expect to pay substantially more than $3600 for it.
0 votes
Dana Schuster, Agent, Slidell, LA
Sun Mar 1, 2009
This is not a listing,it is a Realty Trac posting of a forelosre notice from the public records. Realty Trac is not a listing site. $3630 is nnot the listing price,it is probably the amount of a lien or the outstanding loan balance. This house is probablynot on the market. yet.When foreclosure is complete,it will be listed at market value based on neighborhood comparables at the time. if you are interested in purchasing a foreclosure,your first step is to sit down with a reputable local mortgage broker and get yourself pre-qualified. I urge you to contact a local realtor to help you the complicated process of foreclosure purchase.
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