All Forum Posts by: TIM N

Hey everyone thanks for all the advise! I met with my mortgage broker today to discuss some possible and move along in the process. I think I'll try to go in with a $30-35k offer like you've suggested, and see what they say?

The comps I've listed are ones currently on the market.. The most recent true "Comp" sold December of '07 for just under $130k. I also think I'll take Mike's advise and look to try to sell for right around $100k.. to try to move it quicker!

Thanks again for all the advise! :D

Hey there I have to option to pick up a bank owned property for what I feel is a good price. Here are the specs..

3 bed, 1.1 Bath two story townhouse with a full basement. I figure the property needs about $10-15k worth of upgrades. The bank is asking $55k for the property. The property sold in 2006 for $128k and currently there are three comps on the market all for around $120k.

My questions are:

1) For those with experience, is it unheard of to give the bank a low ball offer of say $40k? The property has been on the market for 90 or so days, so I figure they're wanting to move it out of their inventory.

2) Would it be better to turn around and try to sell for $120k or better off finding a renter and holding onto the property.

Any other suggestions or pointers that would help me in this process would be GREATLY appreciated!

Thanks!

Thanks for the advice!

What's the best way to go about the eviction process for a home purchased through foreclosure auction? Does anyone have any experience with this?

-Thanks

Does anyone know of any lenders that will lend for Courthouse auctions? I've been told there are some out there if your intention is to flip the house rather than make it a personal residence.

Anyone have any insight to this?

-Thanks

Hello from Illinois! I've searched all around to see which liens are wiped clear once purchasing a home through a sheriff's auction in Illinois, but haven't had much luck?

Also when bidding at a Sheriff's auction do you always want to make sure the mortgage being forclosed is always the first mortgage?

Thanks for the help!

Hey everybody.. I'm just getting involved with buying foreclosures through the Sheriff's auction in my county. A question I have is what's the best way to check any existing liens on the property. I've researched at the county recorder's office and have also checked out the court folder for the property.. but for some reason I don't feel I've covered everything?

Any information would be great... thanks!