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Updated almost 10 years ago on . Most recent reply

User Stats

20
Posts
5
Votes
Collin Vosburgh
  • Otsego, MI
5
Votes |
20
Posts

House do I buy this house in pre-forclosure?

Collin Vosburgh
  • Otsego, MI
Posted

     Hello everyone! So here's the deal. Me and my girlfriend are currently living in a house that her mother owns but apparently it's in pre-foreclosure. I would like to somehow buy this house and possibly rent it out. Her moms idea is to let it go into foreclosure then buy it back when it goes to a short-sale with a private lenders money (which I have) but I think this is a huge risk because, correct me if I'm wrong, but once it goes into a short-sale anyone can buy it and I'm sure we would be going up against experienced and knowledgeable investors that would get it before us. Then we would be in quite a situation  and lose everything and I don't want to risk that. Is there any other way I can get it maybe before it goes into foreclosure? I guess she said she owes way more than its worth now. Please any advice would be greatly appreciated. Thank you and sorry for the multiple posts. I didn't realize they would be posted in the same place

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