Awww, I, for one, totally get it!

Quick question ... What state is it in? Do you know if it will be a judicial foreclosure?

Oh FranksMom, my heart breaks for you! The only one time I had that feeling about a place, the Universe sent something along that was better. I really hope you get the best place for you.

Beth P.

I don't know much about foreclosures, but my guess is the bank will want to get rid of it as soon as possible, which for a bank will take months I know. I also doubt they are going to do anything to it because it's not profitable for them to do any renos...maybe just a cleanup, if that. Do you have a realtor who is helping you with all this? Can you contact the bank and begin working with them? What I don't understand is the seller wanting to foreclose and screw up his credit, etc. when an eager buyer is standing right in front of him.

I totally get it. The house we own now was that way for me. I passed it at least twice a day for years. Though hard to see from the road, once I noticed it, I looked for it each time.

The first day I looked in the newspaper for a larger house that would house our expanding family and business, there was an advertisement for an open house. "I know that house, I've always loved it. We need to go look."

They were asking way too much money. The paint on the outside was peeling. The electric bill was sure to be more money than our current mortgage...

We low balled them, contingent on the sale of our property. The realtor didn't even want to waste his time... Sure enough, the owners received a full price offer and we were dead in the water. We kept looking but couldn't find anything that met our needs for both business and family. This house had a full basement with an outside entrance and plenty of room for our family.

Meanwhile we put our house on the market. As usual, we were selling it ourselves with no agents involved. It sold in one day. We were starting to freak out when we got a call from the Realtor stating the full price offer fell through. We upped our bid by $5,000 and made another insulting offer.

This time, they countered. We countered back and ended up getting the house for $47,000. Less than the asking price. I was never so excited in my life.

My dream house was built in 1912, was solid in build and had been updated in the early 70's. It had harvest gold everything, including shag carpets, plaid wallpaper in the kitchen with contrasting vinyl flooring. Some original windows existed but many had aluminum replacements that were failing and sliding glass aluminum doors that led to a rotting (huge) deck. It needed a new roof, electrical, a new well, plumbing and the paint was peeling. Bathrooms all needed work but I was thrilled. My best friend couldn't believe it when she saw it, after telling her I found my dream home. Lol.

Twenty four years later, we are still throwing money at it but I still love my house and I honestly believe that my house loves me.

I know it's a long story but I believe if that place is meant to be yours, it will be yours. Just keep the focus and good luck!! Believe!!!

Thanks! I knew that someone here would get it. MIL keeps saying "that sure sounds like a lot of work...are you sure that's what you want?"

The property had a large lien from a civil suit, and the lien holder was unwilling to compromise so the house could be sold. Because there was still a mortgage, the seller decided to just foreclose and walk away. Mtnrd, I don't think it's a judicial foreclosure. We're in Texas.

I'm hoping that the uniqueness of the property and it's current condition will compel the bank to just sell it to us and be done with it. Really, who else would want it? The one piece of good news is that it's a small locally owned bank, so we're hoping that dealing with them will be faster and easier than almost anyone else.

It's crazy. It's a crazy property and we certainly don't need a project of this magnitude, but here we are.

I do hope it works out for you and yes, dealing with a local bank is a huge plus. Yes, it does sound like a big project but you sound so enthusiastic for the challenge and will do it lovingly. Good luck and keep us posted! We've got our fingers crossed!

Maybe the color doesn't look good in real life, but it photographs well.

The heart wants what the heart wants. Best of luck to you.

I feel for you, franksmom!

My husband and I have purchased several foreclosed properties and I've been involved in the sales of many more (I'm a real estate paralegal). As joanie said, the bank will likely do next to nothing in the way of maintenance and/or updating. They'll want to unload it ASAP.

I'm in Massachusetts, so things might be different here, but typically one of the first things the bank will do (after completing the foreclosure process) is assign the property to a realtor. The realtor becomes a liaison of sorts and will probably be the one subcontracting any work, etc. I'd find out who that realtor is as soon as the foreclosure is finalized and let them know that you still intend to buy.

Good luck - I hope it works out in your favor!

Yes, but, is this borrower trying to get a modification, or principal forgiveness, or live rent free during a multi-year judicial foreclosure process (perhaps capped with a BK filing to further draw out the process)? Those are the things that can threaten a timely deal.

Oh, I know exactly what you feel. We bought an old 1870 school house that would have been much less expensive to tear down and rebuild but we just couldn't do it. It deserved to live on with history it had. A friend made an offer on a house that was refused by one of a divorcing couple. One year later they bought it from a bank for less than their offer.

A friend put an offer in on a house on a short sale. After months of waiting, it was rejected and the home went into foreclosure. They ended up getting the place, a few months later, for less than they offered at the short sale

I hope you get it and at the best possible price. I look forward to reading about your progress with the reno.

I know how you feel and I still lost the one I fell in love with.

I noticed you said lien. Make sure that the lien is cleared before you purchase or you could become the new payer of said lien. I believe liens stay with the property in TX.