My neighbor's home is in foreclosure?
Question:
Answer:
Since there is a common wall, is there a homeowner's association? If there is any damage to the exterior of the property, go after them for that. For any interior damage, talk with an attorney about to see what your legal rights are for the repairs on your property. You may just want to sue his insurance company and if there is any way to name his mortgage company in the suit, this might "persuade" them to work with you on purchasing the property in "as is" condition holding them harmless from any additional liability. You may also want to go ahead and have a real estate agent write up an "as is" offer with your highest and best terms making it clear in writing that you will not counter stating that this is your "Final offer". Make sure the "Final offer" is in writing - everyone who negotiates says that their offer is final, but most experienced sellers/agents know that's a big joke.
Help him/her out
That means he's not been making payments and the bank is kicking him out.
Plan on meeting new neighbors.
Sucks to be him. His credit is in the toilet now.
What is the question?
You want to know if we know if it is in foreclosure? Answer: No, we don't.
You want to know what foreclosure is? It means he didn't make his mortgage payments so now the mortgage company is going to take the house away from him, evict him, and probably auction off the house at a Sheriff's sale.
it sounds like you have a good game plan; don't sink too much money into the preparation side before actually acquiring the property
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