Posted by Rich[FL] on February 25, 2002 at 16:47:53:
You say the seller may be willing to go as low as $115k BUT - he WILL lose all of his equity and have a big black mark on the credit report if he can’t sell NOW.
What is the amount of money needed to cure the default? What are the rental rates in the area? How much will it cost to bring it up to rental/sale standards?
The question to ask the seller is: what are you going to do if you can’t sell it?
Offer to buy the property subject-to the existing mortgage and give them a few thousand dollars to vacate. They’ll be rid of the property and you’ll be making the mortgage payments for them, saving their credit.