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.
FORECLOSURE. NEED HELP QUICK - Posted by Todd (MI)
Posted by Todd (MI) on February 25, 2002 at 16:09:16:
Hello everyone, I have a situtation I’m trying to solve and I was hoping if anyone could help me out.
My situtation is that I found a home for sale-by-owner which is located not to far from where I live. The owner says his grandmother owned the home since it was built back in 1924 and now the house is getting ready to go through a foreclosure.
He’s trying to sell the home for 122K but after talking to him and checking out the home my self he says that he’s willing to go as low as 115K. He says the home is apraised for 135K and the morgage on it is not assumable. The home has a few minor repair jobs it can use far as new carpet, paint, etc…
The home is 3br maybe 4, it has 1.5bath and has a garage, washer and dryer which is being left with it. Out side the home its in really good shape and I beleive it has good income potential.
My only problem is that I need to find a partner who is willing to go in with me on the deal. My credit not that great so trying to get a morgage from the bank would be a little bit dificult. PLEASE HELP!! ANYONE!!!