Newbie help with a foreclosure in Inman, SC

[Dan Holden]

Hello Everyone,

Long time listener of the BiggerPockets Podcast, first time poster.

My mother has recently lost her home due to foreclosure. Long story longer, she lost her job and just stopped making payments. Being the good son that I am, she currently lives with me (and is driving me a bit insane).

What I am curious about is, can I use her problem to my advantage? I'm not looking for a way to put her back in the home, unless she wants to rent from me. I'm looking for a way to turn this around. What would be the steps I'd have to do to see about purchasing this home? Would a Short Sale be the way to go to try to get the bank to go with a lower purchasing price?

The ultimate goal would be to purchase the home, fix it up and either flip it or rent it out. I know this house isn't in perfect shape but I know it's not that bad either. (I did some of the internal work myself, which upon retrospect could be good or bad.) My mother has no illusions about getting her house back. Since moving in with me, she has gotten another job and is paying her share of the bills without issue.

I don't want anyone to assume that I'm trying to scam her in any way. I just can't help but wonder if this was the "sign" I was waiting for to try my hand at this. I can't help but be a little more comfortable with this house as I know it intimately. I hold no sentimental value to it myself so I'm not afraid of trying to get more then it's worth out of it.

I apologize as I do tend to ramble. I would be willing to hear out any ideas or information anyone may have. I am also willing to answer any questions anyone has for me and I thank you all in advance for reading this post.

Dan

Trulia

Spartanburg County Assessor's Office

[Wayne Brooks]

If your mother still owns the home, she needs to a short sale, unless the loan is non recourse, or there is no deficiency by state law. You Can NOT buy it as a short sale, as you are her son (it wouldn't be an arm's length transaction), period, end of story. No advantage to buy as an REO, over any other REO.