All Forum Posts by: Isaac Black

@Bob Floss II Sure did. Closing on the house in a matter of weeks thanks to the bp community. Closing at 145k and an ARV of 300k+ where I'm putting maybe $30k into repairs

@Ron S.:

So what would a first step be in my situation? I figured my first step would be to see if the home owner included the house in the bankruptcy? If the house was excluded then really the home could go through as a normal sale if the home owner was interested in selling it. If it is indeed included in his bankruptcy but he was interested in selling it should I get in contact with his bankruptcy attorney?

Thanks in advance! 

I found an individual in Missouri who has recently filed a chapter 7 bankruptcy. I do not yet know his situation, be it divorce, lawsuit, etc. My question is if it's possible to approach the home owner and inquire about purchasing his house. I am under the impression the home owners assets are seized and it would not be up to him to sell the home but those who seized the assets. Tried doing some research but something is not breaking through to me. 

@Christopher Phillips Will his bank not care if we have a signed contract for purchase of his home? Given that it is set to sell this week at auction. I've been calling them almost every day trying to work out the details but no one there seems to know what to do given the situation.

The note still has 135k on it to be paid, my offer is 145k. I found the house because he had a sign in the front yard. 

I am a home buyer and I found a house that was going into foreclosure. We have a signed contract with the seller but the issue is that the house is apparently set to sell at auction on the 16th of this month. Being that closing takes 30 days there is not enough time to get closing done before the 16th. The home is in Missouri and this will be my first house. There is a reinstatement fee of 17k but I only have 13k on hand and the seller is completely broke. I have offered 145k where as the remaining note on the house is for 135k with the reinstatement fee figured in. I have spoken with his bank about the situation by providing the contract as well as the proof of funds from my lender. What is there that I can do to make this happen? I have worked very hard negotiating with both the bank and the seller to come to the terms I am at and view this as a deal that wont happen very often in the real estate game. 

@Mike M. This will be the first house I ever buy, so my intention is to live in and renovate over a 3 year period. If I am only interested in a place to live at this time would that be any different than an investor looking to buy real estate for profit? As it stands the house is in not great condition and could use 50-75k or more in renovations. With so much work needed does this support my buying at such a discount?

@Mike M. It's in Missouri

@Mike M. House is preforeclosure. Comps are 280-320k, he was asking 189k but I have negotiated what he still owes on the note for 127k. I haven't done any paperwork. So can I write into the a loan for like 130k where 127k goes towards house and 3k goes towards my agent

I found a house on my own and have done 100% of negotiations thus far by myself. The seller is a FSBO obviously, I'm figuring I'm going to have to pay my agent a commission but can I figure that commission into my loan? Do I owe him 3% considering what work I have done? He said he can handle all the paperwork for closing and offering once I decide to proceed with the house which is what the fee would be covering in terms of services.