All Forum Posts by: Donna Drake

Thanks Steve, A quick question. If I see if I can do a short sale, or DIL, will the price be lower as it would be in foreclosure? Or will the bank want the full $170K owed?

Thank you, Donna

Thank you guys so much! This is really good information I wouldn't ever have known.

Jon, thank you for being so informative! I'm sure you're right, that I shouldn't get attached to this house, but I am, sigh. Your list will be printed out and worked with. I am so grateful for it.

The house isn't worth what is owed on it. The previous owner still owed 170K. According to comps in the area the house should sell between 100K and 120K. It is small, 962 sq ft. But it is completely redone inside. Will the bank ask more because of the renovation? I'm hoping they just go by the comps. Do you know if that's the case?

I cannot pay the 170K, so I don't know if the DIL that Steve posted will work.

I have to sell my house first, but when I am ready to buy this house, (or another,) it will be a CASH purchase. Do you know if the bank will take a comp value on the house before foreclosure if I offer to pay cash?

Steve, you're wonderful too! This DIL is worth looking into. Both you and Jon have given me so much to work with.

All of the information is for the future, but contacting the family's lawyer about the DIL sounds like the best road. Is that correct? Or would asking for a short sale be better?

With a cash offer, which is the best road to take?

You guys are great. I'm very grateful!!

Raymond... UGH! But thanks for letting me know. This would be an awful truth for me, but good to know. Why a renovated house would just sit empty is hard to understand.
The lawyer said it should come on the market soon, but not to let the bank know that I was interested or they would want more money. True?

Thank you all again! Donna

Hi everyone! I am new to BigPockets and found this forum while searching for answers to questions I have about purchasing a property I found.

My current house is on the market. While walking the streets, "not street walking," of the small town I want to move to, I came upon a empty house I want to buy.

After speaking to the neighbor, she informed me that the owner died in April 2009. After doing research, I spoke with the family's lawyer and he told me they were letting the house go, that it wasn't worth what was owed on it.

There have been no payments made since April 2009 and no taxes paid.

My Question is, when my house sells is there a way to purchase this house directly from the bank? My Realtor told me that we couldn't do that and we would have to wait till the house comes on the market. I'm not one to wait if I don't have to, and I have to wonder if there isn't some way this can be done.

The house has been sitting empty for over a year! I don't understand why it is not on the market yet. I am in Arizona.

I may have an offer coming in this week for my current house. The goal is to move to the house I found. Not rent till it comes on the market.

HELP! Any knowledge on how to do this will be very much appreciated!