raerose
May 26, 2008, 05:34 AM
Hi,
I found a "for sale by owner" home that I really want. Prior to putting in a bid, a simple internet search revealed the house was in foreclosure. I asked the Seller and he admitted that he declared chapter 13 the day before it was going to foreclose, thus preventing it from going into foreclosure. He has offered to setup an appointment with an attorney to explain the circumstances to me. I am going to go and listen to everything.
1. What questions should I ask the attorney?
2. Can I find out how much the seller owes the lender(s) now that they are in chapter 13?
3. When negotiating the purchase price should I look at this as more or less of an opportunity as if it had gone into Foreclosure?
I found a "for sale by owner" home that I really want. Prior to putting in a bid, a simple internet search revealed the house was in foreclosure. I asked the Seller and he admitted that he declared chapter 13 the day before it was going to foreclose, thus preventing it from going into foreclosure. He has offered to setup an appointment with an attorney to explain the circumstances to me. I am going to go and listen to everything.
1. What questions should I ask the attorney?
2. Can I find out how much the seller owes the lender(s) now that they are in chapter 13?
3. When negotiating the purchase price should I look at this as more or less of an opportunity as if it had gone into Foreclosure?