All Forum Posts by: Colin Foley

So, i could still have a shot at buying this house. If it needs to be listed first. Would it be within my power to try and find out who they are going to list the property with?

is there anyway to buy the property prior to be listed in that scenario?

Back Story:

I own a small piece of land in the woods of massachusettes with enough street frontage to put a road in. There is, an abutting property with a house on it that seemed to be abandoned. No one answers the door. No cars are ever there. I happened to be passing by, saw someone moving in/out. stopped and talked. Was an older woman living in the house and had just passed away. Family did not want the house. Reverse mortage on the house. I was talking to the family about making a deal so that i could buy the house out instead of them signing it back over to the bank.

Unfortunatly for me, they decided to just sign the house over to the lender.

I was already navigating new ground (as far as my experience leve) trying to jump in and work with the family. Now, im not sure at all what, if any, my options are to try and buy the house directly from the lender. They are accross country. I googled them (of course) found a phone number and will be calling them on monday.

I'm looking for some advice on my next steps to try and buy this house from the lender.

-Colin

Awesome thank you everyone for the advice. Much appreciated. 

That's a great idea! My current plan is to let her know my intentions in a conversation and let her know a formal written notice will be issued by end of the month.

Another concern i have is how to deliver written notice, is it as simple as handing a letter to them, or do i need prrof of it somehow, i.e. have them sign something having received the notice.

I have a tenant that i inherited when i purchased the property, she is a good tenant, but the apartment is need in need of a serious overhaul. I just want to go about not renewing our month to month lease profesionally and legally. In our lease i need to provide written notice 30 days in advance. What type of "written document" should i provide to go about this?

Is there anything else to consider in these situations?

Thanks for the quick feedback,

Refinancing would save about 60k over the life of the new loan compared to the old load with the PMI, I also spoke with my current lender and there isn't much they can help with as far as the current loan other then refinancing, there rate seems high compared to a few others i talked too, so i will definitely shop around a bit. my next question i guess would pertain to these seemingly scam like letters i get and ads that pop up that go something like " under president obama you can refinance out of your current loan and cost you nothing if you owe less than 679,000" obviously nothing is free but are there programs like this? another letter i receive talks about "streamline refinancing" perhaps i'm just being paranoid about this all and could just ask lenders what it all means, i'm just not sure who is actually trying to help me get the best deal on my refinance and who's just trying to meet some quota.

I'd really like to drop my PMI. I acquired my property at the end of December in 2014. I constantly get letters telling me to hurry up and use programs that aren't going to be around forever, Personally getting letters like this all the time make me think they are trying to push something on me more then help me. Does anyone have any advice as to whether any of the programs or letters are actually trying to help me or if there is anywhere i can read more about what i could do?

Appreciate anything to point me in the right direction. I just want to have a little more education instead of going down the wrong road(if there is a wrong road)