Yellow Bullet Forums banner

1 - 20 of 34 Posts

·
Registered
Joined
·
343 Posts
Discussion Starter #1
so there is this home out in the country that would be perfect for me and my family. it's been sitting vacant for 3-4 years now, untouched and un maintained. it was winterized by the energy company at least.

anyways the home went back to the bank and has a court case associated with it. i called the bank and they are no help. i guess unless it's for public sale they cannot help. so i called the law office and left a message 3 times and no one has called me back about the home.

it went to sheriffs auction twice and hasnt sold. the house is valued at 143k and with all the back taxes and court fees its valued at 193k total and that was the opening bid. nobody is going to pay that for this home. recently i checked the property and the back window of a room has been broke out and is open to the elements. and will ruin the home in no time.

how in the world do these people buy homes for 10-20-30-40-50k from the bank? what am i missing from this deal? will a bank seriously sit on a home to continue to lose money and soon this property will be worthless.

can anyone offer me some advice of how to pick up this home cheap cause im not buying this land with a piece of shit on it for 193k.

thanks in advance!
 

·
Registered
Joined
·
343 Posts
Discussion Starter #3
lol, nice....

the home is really nice i've been inside. the 14' tall garage door lock doesnt work too well so i've walked inside. very nice 3 bed 2 bath 1600sq ft home. 3.5 acres of land and the garage is a size of a shop and heated. i want the home but it aint worth that much money....especially since no one will buy it and the bank is losing money on it not only from taxes but legal fees... is there nothing i can do?
 

·
Registered
Joined
·
485 Posts
You need to find an in to someone in that financial institution with power.
 

·
Registered
Joined
·
6,340 Posts
Because some how the bank makes more money by having it sit and rot. When a banks sends foreclosure notices for 1 month late, and refuses to work with the people, you know its a huge scam.
 

·
Registered
Joined
·
8,372 Posts
They know it will just sit until it's worth nothing. Tons of this shit goes on daily. It's how the whole system works. Someone/company will buy it for peanuts.
 

·
Registered
Joined
·
9,850 Posts
smash the fkin garbage cans , run over the mailbox and paint "YB.COM" on the sde with yellow paint ......don't know if it will work , BUT a shit load of us will be proud !!!!!
 

·
Motorboatin SOB
Joined
·
10,309 Posts
smash the fkin garbage cans , run over the mailbox and paint "YB.COM" on the sde with yellow paint, and a shocker underneath that ......don't know if it will work , BUT a shit load of us will be proud !!!!!
Fixed
 

·
Put Custom Title HERE!...
Joined
·
56,427 Posts
Stay the fuck out of my house dumbass!...

The garage lock worked fine until you fucked it up!... grrrrrrrrr
 

·
Registered
Joined
·
8,634 Posts
Sqat in it for a few years.Then I believe you will legally own it
 

·
Registered
Joined
·
20,824 Posts
Someone is waiting on it, or making money on it. No one is getting these ouses for 10,000 -30,000 just the guy on TV you order the program is getting rich with that crap
 

·
Registered
Joined
·
4,897 Posts
In all reality they probably didnt want to talk to you because it was the end of the year and they were holding the home for tax purposes, since it didn't move at auction. My recommendation would be to contact the local taxing authority office and tell them you have been trying to reach the proper contact at the financial institution that currently has the property so that you can buy it and assume responsibility for the delinquent taxes as well.

This will get your local taxing authority to assist you in getting the right person on the phone to make an offer.
 

·
Registered
Joined
·
17,069 Posts
Maybe someone on YB will give you some real good free advice.

If not and you want to invest in finding out more, hire a lawyer who does this type of work and tell him what your "budget" is for him to investigate further. Lawyers will return phone calls to other lawyers - go figure. Figure to spend maybe $500 for him to make some calls and give you advice. Maybe you'll get lucky, maybe not but at least you will know and get an education from the process that will give you insight on how to find and buy your next "great deal" home.

Good luck.
 

·
Registered
Joined
·
2,751 Posts
In all reality they probably didnt want to talk to you because it was the end of the year and they were holding the home for tax purposes, since it didn't move at auction. My recommendation would be to contact the local taxing authority office and tell them you have been trying to reach the proper contact at the financial institution that currently has the property so that you can buy it and assume responsibility for the delinquent taxes as well.

This will get your local taxing authority to assist you in getting the right person on the phone to make an offer.
I agree with this some what, but also this past summer when we were house shopping, we paid for foreclosure listings and worked with a Realtor, and we did come to find a few cherry foreclosures being held by the bank ...but our Realtor ran into dead ends getting us answers on when and how much with the banks and what they wanted, in the end we were told when we run into these dead ends the Banks corporate "friends" were most likely lined up on them and they buy them in big blocks from the bank, maybe 10 or more at a time for dirt cheap....so all that was left was crap = your 50k shit holes no one could make decent with out major renovating , gutting ..we tried on 3 decent forclousers and FAILED...
Rich get richer& poor get poorer kinda deal

kinda like when you call to get good tickets to a hot concert and you are 3 caller,but because ticket brokers bought a block of 19 thousand tickets and get first crack, and now you have to pay the broker 3 times the ticket price for a decent seat , ya works kinda like that ,,,:smt068
 

·
Registered
Joined
·
3,082 Posts
I am not an expert but here is what I do know. Banks will not sell that house for half or less of the appraised value. They are really not in the business of loosing money without a major effort to get as much as possible out of it. More than likely there is some sort of legal action going on between the bank and the previous owners. That is the main reason they won't sell for less than what is owed on the house. My first stop would be the court house of the county where the house is located. You can find out what the back taxes are. How much is owed on the property. How many mortgages they took out against the house. Any liens against property. Any legal action involving the house. It's all public record. Contact a lawyer or a realtor to see how you can make a legitimate offer for the house. As far as the auctions go if it did not say absolute auction they do not have to sell. Keep trying. I have a friend that just bought a house at basement price. He kept having the realtor make the same offer over and over until the bank realized it was the best offer they were going to get. Took him about a year.
 

·
Registered
Joined
·
4,243 Posts
Because some how the bank makes more money by having it sit and rot. When a banks sends foreclosure notices for 1 month late, and refuses to work with the people, you know its a huge scam.
The house is not being pay on it all and the bank is making more money by having it sit and rot. How dumb are you
 

·
Registered
Joined
·
876 Posts
I accidentally got into a great deal when looking for a house for my dad. The house had been on the market for a long time for about 10% under market value, but nobody pulled the trigger. It was a short sale, the couple that lived there before boyfriend went off the deep end and got the police called on him. I guess he came running out the front door with a gun and got shot right there. Anyways she wanted to just get away from it and the bad memories so it went to a short sale.

Anyways, after looking at it, we were thinking about what to do and then got a call from the realtor two days later and for some reason the bank dropped another 40% off the price... this was before any public listing could be updated, we were just in the right place at the right time. We signed papers that day and basically got it for 50% of what every neighbor paid for theirs.
 
1 - 20 of 34 Posts
Top