Short Sale Question

[Chisoxfn]

SCS, not ignoring you, I just don't know enough to give an educated advice. When I worked in real estate and what I've gained via osmosis from a father whose been in the business for 40 years, when it comes to foreclosures, I was always told stay away. Doesn't mean you can't make money or do things, just that there are a lot of potential pitfalls / complications that go with foreclosures. Things that can really bite you in the ass. What all of those things are, I don't know.

[G&T]

I'm gonna hijack this thread with a somewhat similar question.

 

As some of you may remember, me and my family fell on some really hard times last year around this time. Due to back taxes we are indeed going to lose this house.

 

We just got a notice yesterday saying we have until July 22nd to come up with 110% of what the people bought it for. Won't know until tomorrow what that amount is.

 

Here is the thing. We are hoping to get a loan, BUT because this house is so run down we are thinking about ditching the whole sentimental thing and going after a foreclosed home.

 

2. Questions. 1. How quickly does the process usually take? 2. We have seen houses for "10k" but that can't be the total cost right? How much additional costs could there be?

 

You would be buying subject to a lien. So the house is $10k after accounting for the remaining mortgage payment. Might be able to get that info in the foreclosure judgment through county court.

[2nd_city_saint787]

Yeah, I've done a bit more research and I'm not so sure foreclosures are the way we are gonna go. Gonna try and just find something to rent which has been a slight headache now that I'm working 6 days a week and no one else in the house knows how to do s***.