Zillow lost me long ago for inaccuracy. My listings never updated to sold. If you read enough blogs on here, you'll see the scope of the problem
I concur with Mr. Gibbs...Zillow doesn't automatically update after a house is sold. In order for it to be sold, I have to manually change the status....which probably never got done in your case....so it's still showing for sale. I just marked two sold that I had sold long ago. I didn't put them ON Zillow so it shouldn't be my responsibility to update them...other sites do update. As Realtors, we can't be responsible for every website that uses one of our listings without our permission.
What you might consider is an FHA 203k loan which could give you up to about $30k to make repairs...which is rolled into the loan but it's up to the lender to determine the amount for repairs. I do know of anything similar VA wise, but there could be such a product. There are many types of loans. You should sit down with a mortgage broker and discuss your situation. Know; however, that no loan i know of will let a roof with "little" life left in it slide. Lenders want their asset protected.
I have a listing that sold back in the spring and it still shows it for sale and even the price had been reduced so it doesn't even show the last price. I left it alone as an experiment. I know the results and have formed my opinion.
Agents do not have to pay on zillow to post a listing. I do not believe that Homes.com should be considered the source. They are no different than zillow in that they are an "end user". You may be thinking of Realtor.com. ...which, side note by the way, is not a level playing field for us Realtors since it takes money and promotes one Realtor over another while 28% of my mls dues go to that organization. Wow ..how unfair is that. Anyway... Listings feed from my local mls, and probably as well from others, to sites like Realtor.com and I guess to zillow. ...but I wonder how it all works because zillow shows I still have a listing when it closed months ago and the price is wrong too since it didn't update the price reductions. I've left it alone as an experiment. There may be an aggregator out there in cyberland that gets all the listings from the various MLS organizations around the country and spins them to various websites.
My response is tendered more towards sunnyview who asked....how is calling an agent going to solve their problem? .....Because an agent can direct them towards quality lenders and also to a Real Estate attorney ...which is who they really need to speak with FIRST because the writer said their income was lower and also said "I have never been late or missed a payment but that time is coming." so it sounds like to me that Bankruptcy may be coming so the first thing to do is speak to a Real Estate Attorney. They can counsel them on which avenue is best for them. As agents, we can not counsel clients on matters of their personal financial situation and the options that may be available to them. They need an attorney for that. A short sale may not be the narrow answer for them.
Along the same lines, there is an FHA 203K loan that will allow you to roll the cost of fix up into the loan...up to a certain dollar amount. http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
I too think you will be fine. If you are looking for a lender, I have a list of some good ones.
If you are "bidding" then I take it that it's an auction ...and typically auctions publish really low minimum bids to encourage interest. Read the rules of the auction. Is it an absolute auction? ..or maybe there is a reserve price? ..meaning they won't accept a price lower than x. Or this could be a sealed bid auction and you will just have to submit your highests and best and hope you get it. Get your Realtor to pull comparables / do a market analysis and see if the home truly is priced right and what the real value is. Get yourself a really good home inspector that can inspect it and give you estimates on how much it will cost to fix things. Make sure you check out whether there are any structural issues. Are there any disclosures on the property? Those could be useful. Banks don't like to lose money. If it's too good to be true....ask lotssss of questions. Good luck.
You probably need to go to your local tax assessors office. Look online for it first and see what it says on your tax record. Most cities have an online system now. After that, I would contact your bank to make sure nothing funny is going on. I have heard of cases where the husband didn't tell the wife anything until it was too late. Hope that is not the case. Best of luck to you.