Indianapolis Foreclosure lead

5 Replies

Hello,

I am a Dallas, TX area real estate investor. One weekend a month I am a military officer up in Indianapolis, IN. I have a foreclosure lead that came to me just yesterday in the Indianapolis area that has a very tight window on; foreclosing on 9/21/2016.  I don't know much about the house but this is an Officer friend of mines uncle and I am willing to help another investor out.  Please PM if you are interested in the property.  

What I know:

1917 build; located close to the Indiana Fair Grounds, Full basement, recent new roof (from what I am told), looks to be a 4/2.  

Thanks,

Eric Amstutz

Amstutz Legacy Group

@Eric Amstutz Hey Eric, does the property have equity or is it underwater? It's a short window to get the foreclosure sale date postponed, it'd be important to know what type of action the uncle has, is, or may be willing to take in order to increase the chances of having that date postponed.

@Brett Goldsmith My understanding is that the house is worth around $150,000 and that the investment company that owns the note is willing to take $70,000 at this point to get out of it. The investment company the property is mortgage through is foreclosing on the house.  I just told the guy I may be able to find someone that could help him but didn't promise anything. Could be a good deal if someone had all cash to stop the foreclosure with 70k.  He wants to keep the house, but his ex wife lives in the house and it has both of their names on the deed. He is qualified for a mortgage on the house but the bank won't give him the loan with his name on the foreclosure. He needs someone to buy it, get his name off the foreclosure documents and then it could be a sweet deal for someone. My guess is it is too late as you mentioned. 

Many banks have a clause on their paperwork that keep you from selling the home back to the person that they were foreclosing on or whose name is on the short sale paperwork.

@Eric Amstutz

Please PM me. We could close then. 150k by the fair ground seems a little high though. Please send all the details and we can work something out.

Josh

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