Dallas Real Estate Foreclosure Offering Forgiveable Second
Here’s a very interesting Dallas property. List price $423,000 in The Meadows, on Meadow Road just east of Hillcrest. Your nice 1970 ranch with a few skylights, bay windows, maybe even a popcorn ceiling, you know the drill. The house is a foreclosure, owned by a bank, who’s offering to forgive the $123,000 second lien on the property if the buyer lives in the home for three years. (Or, they may consider forgiving one-third of the second per year.) I want to know if this can be done; I think it can IF the bank doing the forgiving owns the note. The Realtor, Joe Peterson of The Property Shop, told me the buyer would receive a general warranty deed. So you take the asking price, subtract the second, you would essentially get the house for $300,000. Or less, depending on what offered. Why would the bank do this? Slow down the hit they are taking. The home is 2842 square feet, three bedrooms, 2.5 baths, security system, 90 by 139 lot. Carport, no garage. The house most definitely needs work in the master (see photos) and the kitchen, which has pink tile counters. But this is very intriguing and a clever little trick by the financial institution holding the note. 7334 Blairview, at 2941 square feet, is listed for $550,000. My fave bankruptcy attorney tells me the lenders are pulling more creative tricks out to work with foreclosures, now one of every four homes in D/FW. Hey, it could be worse: Vegas is one of every two.
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Friends who own a 1 story ranchhome on Stonetrail one street south had MAJOR plumbing issues underneath the slab requiring tunnels in most of the home’s flooring to locate and repair leaks. The homes in The Meadows are 1963 and later vintage and increasingly becoming money pits.
Homes facing this stretch of Meadow road are ddifficult to sell and almost always are discounted compared with The Meadows proper.
Don’t forgiven loans count as income as far as the IRS is concerned?