Posted by Chris Hall on May 07, 2000 at 18:40:03:
Take the property “subject to”, (be sure to check title and make sure no liens or judgements against it). Pay the arrears of apprx. $4-5000. This stops foreclosure, then put the house in a trust (you create), and market the house to your landlord guys or wholesale it to other investors.
If you go the landlord or wholesale route, go for $135K (makes you somewhere around 25K) after paying 104+K mortgage plus your 4-5000 arrears $ less closing. They can come up with 50K to fix property and still be 40-45K below market value. You get in for a small amount of cash and quickly get out with a nice amount of cash. The bank is happy cause you keep them out of the Real Estate biz, current owner is better off for not going into foreclosure on credit report and you get to smile big at closing! You can do it! There is room in this one!