Re: Want to buy a forclosure in Alabama
Posted by Mike - Texas on July 01, 2003 at 23:53:26:
In Reply to: Want to buy a forclosure in Alabama posted by Trena on July 01, 2003 at 22:25:27:
Trena --
Am not familiar with Alabama but have some general info which may help. First, the bank will not even talk to you about the house as they do not own it. You need to talk to the owners before it is foreclosed. Check the legal records at the courthouse for the amount outstanding on the mortgage and legal expenses. Secondly, will the bank take less than the note? All depends on the market but you will need to find out who in the bank is responsible for the foreclosure sales after foreclosure. You need to be be very quick as they will likely list the property with a local realtor as soon as they have possession. I suggest you find out who is responsible at the bank immediately and start a dialog - in case "such and such house goes to you, can we discuss a sale before you list it!" Good luck
Mike - Texas
I am interested in a home that is in forclsure. It will be auctioned off soon. Can I contact the bank to find out what amount of money they would need to keep them from doing a buy-back on the mortgage. Also wondering if the banks normally take less than what is owed on the home during forclosure. Thanks for your help!!
