Forclosure deal need ADVICE - Posted by Angie (New York)
Posted by Angie (New York) on March 08, 2006 at 07:49:46:
Hi, I am trying to put together an offer for a person that I found in my neighborhood that is in forclosure. Here are the stats.
The balance to payoff the house is $339,000. The amount owed to make the house current is $15,749. I did a CMA with my realtor and the house is valued at $750,000. I spoke to the owner and he said he had $100,000 in other debt to get rid of and he wanted money to go forward with his family. He also said that there was anther inverstor that contacted him. He wants me and the other investor to submit a proposal on how we can help him
Can someone advise me on the best way to approach this. I was thinking of making him current on the mortgage. Keep the mortgage in his name and continue to make the payments unttil we sell the house. Then split the profits 35/65. He would get 65%. I am not trying to be greedy. I just want to make some money in realestate. I don’t know if I should try to buy the house outright ( I can afford to do this) and then sell it. However, he seems to want a lot of money 100k for bill and walking money.
How can I win this. There is another investor pursuing this house as well.