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.
Merry Christmas
David
Found an empty brick home of which the owner said they couldn’t afford and had to move out. Owner said that was over a year ago and that the bank has not foreclosed on the house.That they wished the bank would so they could go on
with there lives. They have given me the bank contact.
What information or direction can you give me about this situation.
Thanks,
Labon in Fla
What are the numbers? Contact the bank and find out what they are. Then do a title search to see what else is against the home. Do your due dillegence on fmv of the home itself. Only then will you know if this is a deal, and how to approach it.