Re: Help 4A really new Newbie - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on June 12, 2000 at 21:48:53:
Hi Christina, the quickest way to get this deal would be for you to come up with the $4k to make up the back pmts to the foreclosing lender (either through your savings, cash advances on your credit cards, friendly partner/lender, etc.) and buy the house ‘subject-to’ the loan. This means you’ll take over the pmts and own the house, but the loan will stay in the seller’s name.
Issues: you need to figure out if this is a good deal first. What’s the monthly pmt you’ll be taking over? Will you rent it out or LeaseOption or rehab & sell? What are comps? Does it need fix-up? Cost? If it’s listed with the agent you mentioned–how will he/she get paid their commission?? Can they wait and take a note for their commission??
Overall, if house needs fix-up this may be too thin a deal. But examine all the above questions and decide.
Best of success,