BUYING HOME THAT IS IN FORECLOSURE


Posted by MARK on June 22, 2007 at 13:39:36:

i am buying a friends home that is in foreclosure but hasnt yet been taken over.the owner owes 230,000 but after unpaid taxes,mortgage payments etc to clear the title it is 270,000.zillow says it is valued at 300,000.the house has lost 50,000 re zillow value because of the market.the owner is passing on the home because he already owes me 50,000. AFTER the cost of expenses,taxes etc THE house is in the red 3 -4grand each year if it is rented and needs no repairs or expenses. One of the units rented is a reconverted garage that is an illegal unit because of zoning and no permit yet making the monthly mortgage payment depends on the income from that tenant. Am i being taken advantage of again,should i call off the deal.i have signed the papers but only havent paid the closing costs.i thought this would be the way to get back the money i was owed by the seller but the figures are higher than i was led to believe because he owes much more than i originally was told.should i refuse to pay the closing ,let it go into foreclosure.what is the difference for the seller from me taking over the house or the house continuing to go into foreclosure.can i bail out at this late time.will i get sued by the lender.can i get the lender at this late date,or the bank to sell the house for less than the 230,000 plus what is needed to clear the title that brings it to 270,000.its late and they are pressuring me to send in the funds 3000 to close the escrow.help thankyou i am supposed to send in the money within the next couple of daysp.can i stall? etc,pull out or maybe it is ok to go forward.it is a decent place but money wise questionable.maybe after the market in sacramento improves money can be made in a year or two but is it worth the losses in the meantime and stress and worry


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