Posted by David on December 23, 1999 at 12:29:26:
by taking the house off their hands, after your due diligence and title search to see what other leins are present. Sounds like they want no cash for their equity and buying before foreclosure saves their credit; the gift alluded to in the title. Make sure that the total debt plus fixup is well below the market value so you can make a healthy profit. Preforeclosure is a great area as there is not much competition in a lot of cases as the owner throws up their hands and walks away.