Got another possible deal. - Posted by Jamie
Posted by Jamie on January 30, 2001 at 10:22:54:
I spoke to another Seller who’s looking to sell his home which is vacant. (Divorce situation).
Seller told me that the house has been appraised for $90,000 with a $63,000 FHA loan ($630.00 per month, interest rate not known as this time) which might not be assumable. (house was purchased 8 years ago). He’s behind $1,000.00 in payments.
He’s closing on the sale of his new house in 3 weeks. My plan is to get this one under contract and flip it to another investor.
What are the steps to do this? Title search, verify with bank the balance of the loan, etc.? How do I check if there are any other liens attached to the property? Sorry, there are so many questions. This would be my first deal and I’d like to make sure that I’m checking everything and doing this correctly.
(House is located in Riverdale, Illinois - any investors interested?)
Thank you all for your help,