I'm currently renting a house and my landlord just asked if I am interested in purchasing it on a short sale. I have no money to put down... I don't know if she has actually missed any payments at this point or if she is thinking about doing so.
What happens if she sells to someone else? Is there some way I can find out about a possible foreclosure?
I know that if I were to buy it, I would get about a $100 per month discount on the taxes but not the first year (homestead exemption.) Given that, if I bought it for $134K (including costs.) I could see picking it up, but not $175. Does that sound like an accurate assessment? We are not emotionally invested in the house so if I were to buy it, it would have to be because the bargain made it impossible to pass up.
Some details: The house was purchased on 4/2006 for $215K. Landlord says she owes $210K on the mortgage. She wants to sell it to me for $175K. My rent is $1295/mo Property taxes are $3639.90/year Insurance is probably $2500/year or so. "Just market value" according to the property appraiser is $170K "Assessed value" is $118,656
All thoughts welcome.