Re: contract on Iowa home that is now preforeclosure
Posted by Jayhawk on July 13, 2008 at 21:29:04:
In Reply to: contract on Iowa home that is now preforeclosure
Posted by judy on June 29, 2008 at 14:14:05:
Judy - you need some more information in order to make a decision. WAMU may not be the only one with a lien/mortgage on the property. Take a look at the county and see if there are any other liens on the property. If WAMU is the only lien holder they are who you will have to talk to. If there is a second mortgage or some other type of lien then there are more entities involved. The more liens the less of a chance you have of hitting any deadlines. Folks just don't like to cooperate. If you can make a deal on a property with multiple liens you are a true negotiating guru.
WAMU may be waiting to foreclose on the property so it can be sold. Unfortunately they are not obligated to tell you their intentions. That is why you need to do some homework on this property.
After taking a look at the county records you may find that the first mortgage is low enough to make the property a bargain. You could buy it at the sheriffs sale. The financing is very simple at sheriffs sales, you need cash. So that may be a problem. Again the timing may not work out for you though. Good luck.
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