Help! Need advice on LO and fair offer -Long - Posted by Jeff


Posted by Jim IL on January 27, 1999 at 16:50:42:

Just a thought.
What makes you think they can afford to make rent payments and will when they obviously have not been making the mortgage payments. Frankly, IF you can buy these homes, then you probably better of getting new tenants or buyers.
Also, they would need to give you option money. Will they be able to, and how much?
If they can, why haven’t the dtopped foreclosure themselves.
If the $150k is owed and a good deal on these, why not wait to let the bank repossess the homes, and then buy from them for what is owed?
Just my $.02
Jim IL


Help! Need advice on LO and fair offer -Long - Posted by Jeff

Posted by Jeff on January 27, 1999 at 09:58:25:

I have found , what I believe, my 1st deal.
This person has 2 properties going into foreclosure.
1st property 85K 2nd property 125K
Total mortgages & liens on both properties approximately 150K. She lives in 1 house and her daughter lives in the other. They don’t want to move, so I have renters in place!
Also, if I could help them out, they would be interested in a Lease Option! I am new to this so the concept of bidding on foreclosures and doing a lease option at the same time is a little overwhelming and time is NOT on my side. I just found this so I still have to view the properties and determine fair market rent for the 2 cities.

Any assistance would be greatly appreciated!