All Forum Posts by: Jennifer Fernéz

@Chad U. Who do I do the option deposit through?   Is it with the bank or is it a contract?  I'm pretty sure the rent will cover the mortgage, taxes, etc.

@Brian Gibbons  What are the foreclosure rescue laws?   Why shouldn't I sell it back to them?

Does anyone know where/how I could find private lending that will lend me money for the downpayment for the sale of the home? 

@Chad U. what is an option deposit?  how would I lease it to them?   how much should I charge?   What if they can't pay?   I don't know if I could afford to pay monthly payments for a $150k mortgage without depleting most of my savings after several months.

I checked the official sheriff sale website and it hasn't made it to auction yet.   

@Joshua Springer  I just looked up pictures of the home and it is fantastic.   It has many upgrades, a pool, and the kitchen is amazing.  I'm also double checking that it didn't sell at auction.  realtytrac says that the auction was in June but I just checked the sheriff sale site and I don't see it.

How could I do a long term deal with them?  If I were to purchase the home I don't have enough money for a traditional loan so it would be hard money loan, which has a super high interest rate.   I'm trying to think of how it would work.  I see their dilemma that they don't want to leave their home or sell for less than it's worth.   Any other ideas for funding?

Also, they bought the property in 2001 for $149k.   They tried to sell it prior to the auction (June 2014) for $249k.   It was on the market for $249k for 2 months and then they took it off the market.   The price was not lowered at any time.

realtytrac says $225k.   Zillow says $181k.   Comps in the area are suggesting around $200k.   I have no idea what kind of condition the property is in.   I'm trying to gather facts from you guys before I visit them home and make an offer.

They don't want to sell.   They want to stay in their home.

I'm not sure how foreclosures work, that is why I'm asking if it is really as easy as offering them x amount of money and getting them to sign over their property.   Is there a free way to find out if they owe money in their property taxes or any other lien?

I'm currently looking to buy and flip homes.

I just got off with a home owner who is facing forclosure and under distress.  The home is estimated to be worth $225k and they owe $92k on the loan.  The home went up for auction this July and did not sell.   It is going up for auction again in September.   The home owners are still living there and are looking for any help.

I'm interested in buying the property.  How would it work?   Here is what I'm thinking:

I buy the property for a fair deal, say $150-$170 depending how much work the property needs.   The home owners make out in the deal because they can pay off their loan and end up with a net $50k cash to help them get back on their feet.  Then I sell the home and make a profit.   Can it work like this?

Thanks everyone