Got a live one here!! - Posted by Brian Beard (MD)
Posted by Brian Beard (MD) on July 30, 2003 at 14:50:34:
I just met with another person who called off my bandit signs. They are currently 3 months in arrears for($3K)and are ready to walk away from the home. Apparently they have been doing this for a while, get a few months behind, catch up on a few of those months but can never get even. Also they are now seperating.
$105 purchase price (what they owe) or take over payments
$1-3K to catch up on payments (supposedly going to pay $2k this week)
$5k for carpet and paint (horrible lime green color)
$3k misc. expenses (just incase)
$6k closing costs
$3K holding costs
Total conservative costs $125K
Comps at $140
What’s my best way to acquire this home? They lender has not begun the foreclosure process yet. I’ve done a few lease options but am afraid in this case to do so since they may aquire liens against the property. If they deed me the property but leave it subject to their financing would that take care of the possible liens?
I have two pre-forclosures in the funnel right now and I’m not sure of the best way to close these up. Both have signed authorizations to release information and have been open to anything.