**tx Realtor Or Attorney** Want To Sell Home Thats Condemned What Is The Best Way To Sell?
I have an old home in Texas that was built in the 1930′s. Its vacant and falling apart. It needs lots of major repairs like a complete new roof, lots of foundation repair, large holes in the brick wall, broken windows, major electrical system repair, and a general remodel. I don’t have the time or money to fix it up my self so I want to sell as-is. Can I legally sell even though code enforcement condemned the property. Also what kind of deals can I make when selling, like lease with option to purchase, sell as-is, owner finance, or rent for cheap to a handyman. And which would be the easiest and most money for me. I’d appreciate your help with any ideas.
How Come Mortgage Lenders Don’t Want Foreclosure?
I am refering to if the loan thats due is worth significantly less than the value of the property. So in that case, why would a lender not want to sell this property and gain all of the profits from the sale?
Like in Texas, if the borrower misses 3 months of payments. Property is worth $300,000. Missed payments, plus the entire loan is $250,000. So why would a lender not want to either sell this property at a tax deed auction or sell it afterwards if their were no bidders? Since they would gain all the profits from the property either way.
If they would not want to go through this foreclosure process given my example given, then would it be possible for me to buy their loan from the lender and have the property go into foreclosure so I can reap the profits?
Tell me what I am not understanding please.