pre-foreclosure HELP!!!!

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Posted by Amy Francis on December 16, 2002 at 14:53:14:

In Reply to: here's a couple examples... posted by Edward Nolan on December 05, 2002 at 01:27:44:

Hi,

I am trying to purchase a home that is in, I believe, pre-foreclosure.

The owner has at least two leins listed at the county clerks office. One with an institution and one with a private guy.

The owner/realtor were unwilling to come down too much on the house as they kept saying "The owner owes the bank that much, so he can't come down on the price" or that "the bank won't let him sell it too low because they won't get their money".

The house needs work and another one like it sold for it's asking price of 120K but was in much better shape and now in foreclosure.

I offered 110K (10K more than I think the house is worth because of the inflated market and the other house than sold nearby)

Anyway, I went to the county clerk and in addition to the two leins I saw listed, the owner had several very old court judgements against him and the business he ran. None of them seem to be satisfied.

I have lots of questions so I'll start with these:
1. Do the court judgements effect the lein status of the house or complicate the matter any?

2. The lein to the institution is around 80K and the one to the private guy is around 28K. So he owes $108K but he really owes more (so he and realtor say) because of penalties. SO, I put an offer in of 110K and it's under review by his lenders for approval. I can get out of this at this point. I'd really like to pay less for the house as it's actual worth and value are not really reflected in the price. My question is, assuming his lenders OK the sale, after structural (which will list several major fixes > 1K) how hard can I negotiate and with whom?

So far the owner and the realtor put up a bottom line of 110K with the verbal caveats that "even if the structual leaves room for negotiation, the owner will be unwilling to come down on price so just forget that"
So, realistically, how much of this should I take to heart? AND with WHOM should I negotiate? Owner, realtor or lender(s). AND since one lender is a private guy, do I just call him up and say "Hi, do you hold a lein on...."????

Any and all other advice is really appreciated.

Amy Francis
amyf@nycap.rr.com

Follow Ups:

• It must be worth it I guess... - Edward Nolan 01:10:59 12/17/02 (2)
  • Re: It must be worth it I guess... - Amy Francis 22:30:09 12/17/02 (1)
    • Good things come to those who... - Edward Nolan(Ohio) 02:14:07 12/19/02 (0)
• Re: pre-foreclosure HELP!!!! - Zidzi 18:26:40 12/16/02 (2)
  • Re: pre-foreclosure HELP!!!! - Amy Francis 22:49:19 12/17/02 (1)

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Comments:
: Hi,

: I am trying to purchase a home that is in, I believe, pre-foreclosure.

: The owner has at least two leins listed at the county clerks office.  One with an institution and one with a private guy.

: The owner/realtor were unwilling to come down too much on the house as they kept saying "The owner owes the bank that much, so he can't come down on the price"  or that "the bank won't let him sell it too low because they won't get their money".

: The house needs work and another one like it sold for it's asking price of 120K but was in much better shape and now in foreclosure.

: I offered 110K (10K more than I think the house is worth because of the inflated market and the other house than sold nearby)

: Anyway, I went to the county clerk and in addition to the two leins I saw listed, the owner had several very old court judgements against him and the business he ran.  None of them seem to be satisfied.

: I have lots of questions so I'll start with these:
: 1. Do the court judgements effect the lein status of the house or complicate the matter any?

: 2. The lein to the institution is around 80K and the one to the private guy is around 28K.  So he owes $108K but he really owes more (so he and realtor say) because of penalties.  SO, I put an offer in of 110K and it's under review by his lenders for approval.  I can get out of this at this point.  I'd really like to pay less for the house as it's actual worth and value are not really reflected in the price.  My question is, assuming his lenders OK the sale, after structural (which will list several major fixes > 1K) how hard can I negotiate and with whom?

: So far the owner and the realtor put up a bottom line of 110K with the verbal caveats that "even if the structual leaves room for negotiation, the owner will be unwilling to come down on price so just forget that"
: So, realistically, how much of this should I take to heart?  AND with WHOM should I negotiate? Owner, realtor or lender(s).  AND since one lender is a private guy, do I just call him up and say "Hi, do you hold a lein on...."????

: Any and all other advice is really appreciated.

: Amy Francis
: amyf@nycap.rr.com


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