Our suggestion would be to look for a small bank, portfolio lender, or credit union in your area which would be willing to do a stated loan. NINA and SISA loans are very few and far between at this point but, they are making a comeback.... more
Welcome to the world of distressed properties. In some cases, short sale owners and agents price it lower than market to get offers and then the bank wants market price.
And sometimes foreclosure sellers also lowball the listing to try to get multiple offers and bring up the price.
Both these tactics often work, but often cause buyers more problems. This needs to be kept in mind when you are looking.
This is why you need to work with an agent. The market right now is too tricky. Buyers need to have an informed expert helping them and need to have a tough skin. There are a lot of homes out there. It may take a few before you get it. But it is worth it.... more
I would be happy to complete a market analysis on your current property free of charge! This will let you know how your property compares to simular houses in our area and what you need to do to get top dollar for you home. Carrie Buckett
Coldwell Banker Premier
Joe it all depends how bad you want the house. If you want the home make that bid, if it goes to foreclosure it could get snapped up by someone else at auction or the bank can buy it back, it will then take quite a while for it to run through the system, it will be assigned to an asset manager who will assign it to a local broker, it will be cleaned, appraised then placed on the market. So if it sis important to close quickly act now, if not and it is worth a risk losing it to save some money then wait. Good luck with yoru search.... more
Joe this house may not be on the market yet, Realty Trac posts notices of foreclosures not actual property listings. The price you see is what they owe not an asking price. In this case it is only in preforeclosure, a notice has been posted giving the owner an amount of time to pay or sign an agreement stopping foreclosure. If they do not it is auctioned, If the bank takes the house back after the auction, it will be assigned to an asset manager who will assign it to an approved broker in that area. It will be cleaned, appraised and priced at market value for that area. The price you see could be what they owed, it is not going to be the sales price. I have posted a link on my site for a free 7 day trial so people can see what realty trac actually offers. In almost every case they only posts notices of foreclosures, they do not list homes but are a data collection company and bascially sell data. You should get a buyer broker in your area who can keep an eye when this house does hit the mls. Good luck with yoru search.... more
Have you already qualified for the Section 8 program? This is not something that will happen overnight. You need to go the Winnebago County Housing Authority and talk to them. The house has to meed certain standards. If you are coming out of another Section 8 rental by eviction you may not qualify until those issues are resolved. I hope this helped.