Posted by Woody (MI) on January 31, 2002 at 02:34:55:
Helen, are you planning to flip this house and if so who do you plan to flip it to? A rehabber? Another investor? Why is the FMV so much lower than other houses in the area?
I am assuming that this is a fixer due to the price difference. I also assume that the owner is a private lender and that he will be pretty negotiable since all he wants is to get his money out of it. Have you asked him about assuming the loan? Then at closing assign it to your buyer. Possibly with no payment due for 60 days. I think that is the way I would approach it. Best to you