Even though I am about to lose my house, I am very fortunate that my mother has agreed to buy a house for me – I would pay the mortgage and expenses. But we are looking for a foreclosure or any great deal. Is there a one stop source to find these properties in my area?
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If you haven’t foreclosed yet — have your mother purchase your home! If you still have 2 to 3 weeks or longer have your mother fax your bank on offer lower than what you owe. This is a short sale. Save the bank from pre/post expenses, Save your credit, Gets instant equity for you mother. Regarding a 1-stop shop — get with your local real estate company. Let them you that you need a buyer’s agent who works with investors. At the same time ask for a listing agent for your own home that specializes in short sales.
What area are you in? There’s many real estate investors that could help you out.
Your losing a house and buying a house at the same time. Sounds weird. Please dont mess up your mother’s credit.
Why dont you ask your mother to talk down the loan through the bank. She will probably be able to discount it and get it somewhat cheaper then you can pay the mortgage on that amount instead of buying another home.
Just make sure you are responsible enough to pay for the money being borrowed this time because it won’t be your credit your that you are destroying, it’ll be your mom’s! She needs to make the mortgage payments on her own and rent it to you with full legal protection (ie an iron tight lease agreement in her favor) and make you put up a security deposit and 1st and last month rent. Its probably not what you want to hear, but lets face facts that you were not responsible enough the first go around. And you should be considerate enough not to sh*t on your mom. Anyway, besides all that, have your mom make the bank a short sale offer, and have her find out if they have sent there people out for the BPO inspection yet. Find out what figure they come back with and offer $500.00 above that, if they haven’t done that yet, low ball the offer and if they don’t like it the amount they will decline it and come back with a counter offer. Just make sure your mom’s financing is ready to go because the short sale offer is usually only good for 30 days.