The best way to get your house back after foreclosure is to have a 3rd party investor purchase the property at a big discount from the bank, and lease it back to you with the option for you to buy it back at the fair market value when your credit has recovered from the foreclosure.
The time frame used to be 2 years of good credit after a foreclosure, and you get get a home loan again. But those loans went away when a lot of good banks went down. You may have to wait 4 years before you can officially buy your house back.
But in the mean time, you could actually be living in your home again, but renting it from a different owner, with the intent that you get to buy it back someday. (In reality, isnt that what we all do with a bank financed home? They own it, while we make large interest payments, aka rent, until 30 years later it's paid off?)
So, here's the trick...
It's now on the market to every Jim and Jane who's in the market for a house. And there is nothing we can do to stop them. Therefore, you need to find someone fast. There are plenty of companies that invest in real estate and lease option to tenants. The trick is to get this house in front of them and make it very attractive from an investor's perspective.
Investors like homes cheap. They like them discounted. They like them in good shape. They like them in good areas. They like to rent them for top dollar. They like to know it will always stay rented. And they like to know how long until they have all of their money back.
If you can show that your house has a current value of X, and one could speculate that an investor could buy it for much less, even less than its listing price, then you have a good start. Then, take that number and muliply it by 1%. That will be your rent. You would promise to buy the house back as soon as you could for its future value when you excersize the purchase.
There are several places you can shop it to if those preliminary numbers check out.
Let me know if I can help after you have thought this over.... more
In today's market, there are a huge amount of great deals available. There is no secret formula to finding a great deal. The money you save basically depends on how much effort your Realtor is willing to go thru to make sure that he or she finds you an exceptional value. With short sales, foreclosures, and all the other inventory out there, the list price of a home isn't always going to determine whether the home is a great deal or not. Many of these short sales or bank owned (foreclosures) properties are torn up and need a lot of work. Sometimes when you add that back to the equation, a deal that looked great in the beginning, all of a sudden looks terrible. When I am working with a buyer, I will scan thru many many homes, find out more about the homes thru the listing agent (other Realtor), and then determine the best options for the buyer based on what he or she told me. Only then will I send the homes to the buyer to view. Unfortunately many Realtors will just search an area, do no research, and send many many properties to the buyer to view. This usually just confuses the buyer and doesn't help the buyer get an exceptional deal. So the answer to your question is find an experienced Realtor that is willing to spend hours to find you the deal you are looking for.... more
There are several ways; one is to contact a Reator that specialize's in foreclosures in the area in which you are looking. Second is to contact the banks and go by an pick up a list of homes that they have that are in pre foreclosure or foreclosure. If they are already list with a Real Estate Agent they will have you contact that person to show the home or homes to you. You can also go on the HUD website under foreclosures for sale. The local newspaper will list foreclosurer properties every week, usually on Thursday. So check out your local newspaper's website.... more
You can do a search at the courthouse, make friends with a top producing REO broker or agent or you could call me. I have lived in Colorado for 37 years many of them in Colorado's most desirable neighborhoods. Not only do I know which million dollar homes have been foreclosed, I know who used to own them and who the builder is and what year which designer won awards for which home. I know Colorado Luxury, I am a fierce negotiator and I know a deal when I see one. If you are serious, I look forward to hearing from you.... more
That is a sticky one. If you signed a lease with someone knowing the property was in foreclosure, it may be fraud. You'll need to contact an attorney to be sure. Many foreclosure homes aren't selling at auction and the property ends up sitting around for a while. Are you still paying rent to the prop. management company? Have you as tenant received any notice from the lender? Generally after the property's title goes back to the bank, they begin the eviction process. I suggest first contacting the bank and then an attorney to find out what your rights are. Good luck.... more