Foreclosure in my neighborhood
2 Replies
Account Closed
posted almost 2 years agoHello BP community,
I'm researching a foreclosure in my neighborhood that zillow says is worth 1.6 Million. The county records show liens from Banks for $400K and IRS liens for $60K. It's not clear to me why this house would go up for auction. What other research can I do on this homeowner's debt? If there isn't any other liens recorded, do I need to worry about other debt?
What reasons would a homeowner rather allow their home to go to foreclosure vs just selling his/her home with so much equity?
My next move is to get a hold of the homeowner and make an offer. Doing this for the first time is daunting.
Diane G.
Real Estate Investor from Sunnyvale, CA
replied almost 2 years ago
There could be 2nd loan and 3rd loan on the property... do a title search and those would all show up...
Good luck
Herndon Davis
Lender from Ft. Lauderdale, FL
replied almost 2 years ago
Originally posted by @Account Closed :
Pay a local title company to do a title research
Pride is why they would allow it to go into foreclosure versus selling it
Maybe they genuinely don't know that they could sell it and walk way with some change in their pocket. Maybe they are trapped not realizing they have options.