Foreclosure buy?

[LeeM]

What is the name of your state? Connecticut

Hello Forum.

This is my first post.

There is a house that has been for sale for awhile now. It seems in excellent shape. Asking price was 259,000. It has 3 bedrooms, an office, living room with fireplace, dining room, full kitchen, 2 baths.

It now has a foreclosure sign in front of it for in about a month. Certified check needed at that time is 19,500.

What does this mean? Is this what they will sell the house for? I am not that naive, but I don't know where to begin. Is that a percentage of how much I would have to get a mortgage for?

I am going through a divorce and will have very little funds to start over. From the buyout of this house, I will have only about 50,000.

Is this something I should even be looking into?

I would appreciate ANY help and information in this.

Have a great New Year everyone.

Lee

 

[HomeGuru]

What is the name of your state? Connecticut

Hello Forum.

This is my first post.

There is a house that has been for sale for awhile now. It seems in excellent shape. Asking price was 259,000. It has 3 bedrooms, an office, living room with fireplace, dining room, full kitchen, 2 baths.

It now has a foreclosure sign in front of it for in about a month. Certified check needed at that time is 19,500.

What does this mean?

**A: it means that the lender, foreclosure Trustee or whoever is selling the property has established an upset price. And that amount represents say a 10% deposit on the upset price.
****
Is this what they will sell the house for?

**A: no, see above.
********
I am not that naive, but I don't know where to begin. Is that a percentage of how much I would have to get a mortgage for?

**A: you need to be talking to the foreclosure Trustee and your mortgage broker.
Talking to a few Realtors experienced in dealing with foreclosure type properties would also help.
******

I am going through a divorce and will have very little funds to start over. From the buyout of this house, I will have only about 50,000.

**A: then use some of those funds for a downpayment and hire a Realtor to help you find the right property. Buying a foreclosure property is not for the inexperienced.
*******

Is this something I should even be looking into?

**A: see above.
******

I would appreciate ANY help and information in this.

Have a great New Year everyone.

Lee

**A: there are numerous books and info online about this "buying foreclosures" topic.