Well here is my story: I got a call from a woman I sent a letter to telling her what I do. Her house is in foreclosure, she had been paying her relative and thinking that he was paying the loan but he was pocketing it, now she is in foreclosure. I'm not sure what she can do to save herself but she said it looks like she's going to lose her house. She owes $77,000 and the property is worth about $560,000 (that number is from the county website's "actual value as of Jan 09"). She says she has put about 200+ thousand into the house. She converted the garage into "livable space" and converted a sun room and kitchen into a large kitchen. I haven't looked at the property yet but it's pretty big. Before the renovation, it was a 3 bed 2 bath 1884 sq ft ranch with a 1768 sq ft basement. It also has a barn/workshop in the back. This is sitting on 3 acres. She said she's doubled the barn and alot of the house since she's lived there.
I guess what I'm asking is, since I can't get a loan and don't have money to put down, if I co-sign with my dad do you think I should try and purchase this myself? If I can buy it for 350-400,000, would that be a good idea? I know I need to check it out first but I'm not sure what to do. I was also thinking, if possible, that I could sub-divide the property, or whatever it's called, and sell the land. Where exactly would I find out where to do that at? Contact the city or county?
Anything helps. I'm just trying to think of as many options as possible. Let me know what you guys would do. Thanks
Money won't fall into your hands, you have to earn it!