Updated about 8 years ago on . Most recent reply
USDA Foreclosure Purchase
I'm wondering if anyone has any or suggestions on how to approach this situation.
I'm looking at a property in Wisconsin for personal use, possibly a vacation rental, that is currently owned by someone who is no longer living at the property. They haven't been for almost three years and there were squatters there for a time. They apparently have a loan through the USDA and are in the process of being foreclosed on due to delinquency of payments (not yet owned by the USDA). The property itself looks to need some work, but am unsure to what extent at this time. Hopes would be to get a good deal on this as the land and location can't be beat.
My question is, what approach would make sense to move towards a purchase of the property? With a USDA loan, is their likelihood that a short sale may be accepted? Would you start with contacting the owner or the USDA for more information?
Any insight is appreciated!
Most Popular Reply
Start with the owner, Usda won't give you any info as it's a confidentiality issue. Do you want a buyer getting your info from a bank if your behind in payments?