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| *The Commerce Journal>>>Renting & Real Estate |
I have cash to buy a foreclosure house. How to do it? |
I was told I can find a good deal on foreclosure house if I can pay cash to the courrent owner. This way, I can find a good deal on house and save the current owner form filing bankruptcy. I live in Palno Texas, and I am willing to pay as much as $120,000 cash. I am an idividual ( not an agent or investor, just want to get more house with my money) looking for a house to buy and live in it ( in Plano area 75075, 75023) . How can I find people in preforeclosure steps, to see if we can work it out. I have a list of houses going in to auction next mounth, but it doesn't seem anybody lives there, when I checked the house. I know there are lots of people out there looking for someone like me to help them. It makes no difference if you have cash or not, since any seller will require cash, whether from your checkbook or as the proceeds from a mortgage you take. If you want to attend foreclosure auctions, be prepared for a literal zoo. Lots of people will be there, as WELL as a representative of the mortgage firm involved. The representative generally has instructions to bid the price up to a certain point very close to the outstanding amount of the mortgage. That's how the banks end up with foreclosures. They buy them at the auctions. get a broker........................ Wait for the auction...they are advertised usually in the back of the Sunday paper...the bank will be present and will bid against everyone till they get to the payoff point if your last to bid its yours...if not the bank keeps it and may make a private deal with some one. On the other hand the people you want to bail out will want the amount to payoff the mortgage and what they feel they deserve for owning it and improving it,also cash to put down on another home, the bank wants just what its owed, PS so does the taxman. |
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