Simple question. Can I call the bank that mortgaged the seller and get more information on the property's foreclosure status? The seller says that she is near foreclosure and the bank will take no less than a certain amount. I am wondering if I can call the bank and see if they will take less. Is that possible?
A lender won't even acknowledge that your owner is a borrower to you without an authorization to release information from that borrower.
I also suggest if you can't buy the property with cash or with a loan, that you stay clear of anyone in foreclosure. There are nothing but land mines in these situations and it requires greater skill in negotiation and performance and those mines are loaded with new federal laws that can blow you right out of the water.
Understand that the mentors, coaches and gurus that suggest that newbies get involved in wholesaling foreclosures aren't the ones at risk, they have another agenda.
If you can't buy and a notice of FC has been made I suggest you keep moving along. :)
Well, she isn't quite in foreclosure yet. She needs $27k otherwise, it will be foreclosed on. I am wondering if I can call the bank and talk them down on the $27k.
A lender won't even acknowledge to you that your owner is a borrower without an authorization to release information from that borrower! No you can't call them and talk them down, you might get late fees waved if you have cash to catch up P+I and any actual advances.
Get a Realtor and consider a short sale.
Is there a reason you're hung up on the property? Getting personally involved are you? Thinking it's the only fish in the pond? :)
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